RenaissanceRe

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.

Everest Re’s $1.5bn capital raise could be part of a continued pivot, or an early indicator of a shifting marketplace.

The CEO said the reinsurer has already written some private deals ahead of the June 1 deadline and expects to continue a pivot away from E&S in favor of property cat reinsurance.

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The segment reported a 13.5-point improvement in its CoR to 56.5%, while maintaining a 14.6% growth in net written premiums.

Shea has worked at RenRe for seven years, most recently having served as head of underwriting for credit before the promotion.