RenaissanceRe

RenaissanceRe has nominated Shyam Gidumal to its board, while Jean Hamilton is set to retire from the board in May 2022.

The move has emerged after Axa XL and Hamilton took decisions to move reinsurance books out of Lloyd’s.

Both firms posted results and looked towards future pricing, loss cost trends, and renewals.

Kevin O’Donnell also said 1.5pt rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability.

Casualty premiums grew 48% and the company raised $663mn in new capital for its alternative capital vehicles.

The Inside P&C research team looks forward to the big issues of the new year.

As negotiations begin to pick up heading into January reinsurance renewals, a clear contrast has emerged among executives between the profitability and availability of capacity across the property and casualty markets.

Reinsurers take stock of a changing catastrophe landscape and plot contradictory courses.

James River stock tumbles, Brown & Brown slips, RenRe sees modest gains on Q3 results.

The executive said social inflation, fraud, and other loss drivers have driven up the cost of storms, and contributed to model miss.

The reinsurer grew GWP by 55% – to $1.77bn – helped by a surge in reinstatement premiums, but the company was weighed down by $727mn in net cat claims.

The figure – which included $440mn in losses from Hurricane Ida and $210mn from severe flooding in Europe – exceeds the $617mn in claims in the third quarter of 2017.