RenaissanceRe

Inside P&C’s news team runs you through the key highlights of the week.

Reinsurers have mostly grown since before the Covid crisis, but the type and timing of growth affects value creation,

Recent top line growth and improved performance will need to be weighed against historical underperformance at group level, but the opportunity could attract a non-traditional buyer.

Morgan Stanley and Golman Sachs exercised in full their right to buy 945,000 shares in the company.

Inside P&C’s news team runs you through the key highlights of the week.

The review will continue until the deal closes and the agency evaluates “organizational changes and strategic positioning within the new structure”.

The recent deal is accretive at 18% and will allow RenRe to take further advantage of the hard market.

The group exited an off-strategy business at an attractive valuation – now it must give a clearer indication of where it is going.

The carrier intends to use the cash raised as part of its consideration for Validus.

The deal is not predicted to have a long-term impact on RenRe’s financial leverage, AM Best said.

The takeover will push it up two places to rank as the fifth-largest writer of P&C reinsurance by gross premium.

The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.