RenaissanceRe
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Shares in the carrier rise more than 4 percent in the New York morning. -
Shares in the insurers rose higher than the broader market as states move toward cautiously reopening their economies.
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O’Donnell argued that market uncertainty about the breadth and depth of Covid-19 losses will reduce risk appetite and constrain the reinsurance supply.
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A picture is emerging of the state of the reinsurance market heading into the mid-year renewals.
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Notably, RNR also announced it raised an additional $925mn for its third-party vehicles—Medici, Vermeer, and Upsilon.
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The new funds raised at 1 January are dedicated to its retro-focused Upsilon fund and its Medici cat bond strategy.
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The sector will see a slight dip in capital at the upcoming renewals, but growth prospects are strong, panellists at an S&P conference predict.
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O'Donnell said the market is “missing the point” about the dangers of climate change.
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The reinsurer expects to take a $100mn charge from Faxai and assume $55mn of Dorian liabilities.
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Half of the $700mn capital raise was allocated to DaVinci “based on opportunities arising from organic growth”, he said.
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The reinsurer beat estimates of $3.71 per share and reported raising $700mn in capital through third-party vehicles.
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The executive will work alongside head of international catastrophe Andrew Mellor at the Bermuda reinsurer.
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