RenaissanceRe

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The Bermudian reinsurer said both appointments are effective January 1, 2023.

The Bermudian will purchase less retro protection in 2023, and expects a “step change” in property cat rates, O’Donnell said.

A 3.9-point decline in the casualty and specialty segment offset a 2.5-point deterioration in the company’s property business.

Axis’ pivot away from property reinsurance comes just as the sector reaches one of the biggest inflection points.

The estimate is driven by $540mn of losses attributable to Hurricane Ian.

If the hurricane season continues to be mild, it could impact pricing momentum.

Ratings agencies suggest that carriers must do better on controlling volatility – but diverging risk appetites give the lie to the idea that the industry is walking away from risk.

The carrier said increased demand should maintain upward rate pressure at January 1.

The company’s property segment booked a combined ratio of 57.6%, 13.8 points higher compared to Q2 2021 due to a higher attritional loss ratio.

The sector was hit by a rough first half of 2022, with more to come in the second half of the year.

RenaissanceRe has always been a business with strong convictions and an assured management team, willing to carve out a path distinct from competitors.