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Top Stories / Ad / Most Recent
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In a filing on Thursday the reinsurer said the former CEO has resigned as a director.
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Gross written premiums grew 16% in Q3 across both insurance and reinsurance segments.
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The insurer will cut 20 jobs as a result of the run-off plan.
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Excluding Covid-19 claims, it was the company’s highest cat quarter since 3Q17.
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RenRe’s results commentary also raised again the prospect of an untipping point on third-party capital.
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Catastrophe losses totaling $240mn pushed the company to a $135mn underwriting loss overall.
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CEO Kevin O'Donnell said climate change was driving increases in cat loss frequency.
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The ratings agency has carried out an initial assessment of the reinsurance subsidiary's business plan.
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Loeb will lose rights including the ability to veto important company decisions and to select a board observer.
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The carrier expects “significant” operating income and “positive” net operating income for Q3.
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The Bermudian is expecting to pay $17mn in third quarter Covid-19 claims.
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Vantage Insurance has also been assigned an initial long-term issuer credit assessment of a-.
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