Natural catastrophes have impacted Bermuda-based RenaissanceRe Holdings’ (RenRe) profits in the third quarter of 2018 while the company revealed that it is acquiring Tokio Millennium Re (TMR) for approximately $1.5 billion.
Bermuda-based RenaissanceRe Holdings (RenRe) estimates losses from third quarter 2018 catastrophe events will have a net negative impact of approximately $155 million on its third quarter 2018 results of operations.
RenaissanceRe Holdings has responded to a letter by its investor TimesSquare Capital Management, urging the Bermuda-based re/insurer to review its strategy and seek a buyer for the business.
TimesSquare Capital Management, an institutional asset management firm with a significant stake in RenaissanceRe Holdings is suggesting that the Bermuda-based reinsurer should explore a potential sale of the company.
A group of 18 US property/casualty reinsurers wrote $30.1 billion of net premiums during the six-months ended June 30, 2018, compared to $22.5 billion for the same period in 2017, according to data released by the Reinsurance Association of America (RAA).
Renaissance Re CEO Kevin O'Donnell said during the reinsurer’s second quarter 2018 earnings call that he sees “reasonable tailwind” for business.
RenaissanceRe enjoyed strong growth in the second quarter in both its property book and its casualty book and its profits grew. But it warned that “meaningful uncertainty” remains around the scale of claims stemming from many of the big catastrophes that hit its profits last year.
US-based Boost Insurance, a technology-enabled insurance platform built to enable emerging insurtech startups, has secured a dedicated reinsurance facility led by investment manager Nephila, with participation from Markel Digital and RenaissanceRe.
Bermuda-based RenaissanceRe CEO Kevin O'Donnell described the recent renewals as “successful,” while profits fell in the first quarter of 2018 despite improvements on the underwriting side.
Bermuda-based RenaissanceRe Holdings reported a net loss attributable to shareholders of $3.5 million for the fourth quarter of 2017 but claims “strong execution at the January 1 renewals”.