From July 1, 2013, Neill Currie will retire as chief executive of RenaissanceRe. He will be replaced by Kevin O’Donnell, the president of RenaissanceRe Holdings. Currie will continue in an advisory capacity through the conclusion of his contract in February 2014.
Boosted by a slight hardening of rates on some lines and a relatively benign period of catastrophe activity, it seems many reinsurers have responded to the difficult investment environment by improving the profitability of their underwriting books. A number of reinsurers have posted healthy combined ratios for their 2012 results in recent weeks.
RenaissanceRe has announced the formation of a new sidecar, called Timicuan Re III.
RenaissanceRe has reported a net loss of $92 million for 2011, in comparison with net income of $702.6 million for the previous year.