Bermuda’s Renaissance Re Holdings Ltd. announced that it plans to increase the capital and surplus of its commercial property insurance subsidiary, Glencoe Insurance Ltd. to $100 million.
Ren Re described the move as a response to the “possible industry-wide capacity shortfall in the wake of the World Trade Center attacks.” It enables Glencoe to offer property lines of $10 million per risk.
Even though Glencoe has no exposure as a result of the attacks, and Ren Re’s exposure is minimal (See IJ Website Sept.14), the company said it was making the capital increase to step up its commitment to the “property excess and surplus markets, as well as the property facultative market.”|”ren, re, increase, capital, of, glencoe, subsidiary
Was this article valuable?
Here are more articles you may enjoy.
Business Interruption Claims Approach $1M Average, Says Allianz 
Surplus Lines Leaders Remain Bullish on Outlook in a Shifting Market 
Banking Watchdogs Ramp Up AI Scrutiny as Stability Fears Mount, Sources Say 
‘Unusual’ Isaias Brings Winds, Downed Trees But Fewer Claims Than Expected 
