RenaissanceRe
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The drivers that led to the consolidation in the reinsurance industry might not replicate for a while. -
Good news may be temporary, no matter how good it is.
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With surging capital supply, a hybrid model will continue to be a value creator in the reinsurance space.
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RenRe CEO Kevin O’Donnell said cyber reinsurance rates were two fifths higher in Q2 than during the same period last year.
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The reinsurer has been reducing its exposure to domestic companies since 2019.
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RenRe beats estimates with $329mn underwriting income driven by a surge of profits in its property segment.
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Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.
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The changing reinsurance market dynamics are impacting reinsurers' ability to raise rates.
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New CEOs were not able to consistently create higher book value growth than their predecessors, and any growth achieved wasn’t maintained after five years.
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Several (re)insurer reporters do not anticipate the rate momentum to slow down materially even as they build on exposure growth.
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The executive also indicated that the reinsurer would be willing to grow at the Florida, if pricing reached what it viewed as adequate levels.
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The reinsurer grew premiums by 31% in the quarter overall, led by a 33% pickup in property premiums and 29% growth in casualty and specialty.
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