RenaissanceRe News

Tokio Marine’s Sale of Reinsurance Units to Boost Operational Efficiency: Fitch

Tokio Marine Holdings Inc.’s (TMHD) sale of two European reinsurance subsidiaries is likely to streamline its holdings and boost operational efficiency in the group’s underwriting businesses, Fitch Ratings said. RenaissanceRe Holdings is buying Tokio Millennium Re AG (TMR) and Tokio …

A.M. Best Downgrades Ratings of Tokio Millennium Re, Puts RenRe Under Review

A.M. Besthas downgraded the financial strength rating to A+ (Superior) from A++ (Superior) and the long-term issuer credit rating to “aa-” from “aa+” of Tokio Millennium Re AG (TMR) (Switzerland). In addition, A.M. Best has placed these credit ratings under …

RenaissanceRe to Acquire Tokio Millennium Re in $1.5 Billion Deal

Bermuda-based RenaissanceRe Holdings has agreed to pay about $1.5 billion to acquire Tokio Marine’s reinsurance platform (TMR), which includes Tokio Millennium Re AG and Tokio Millennium Re (UK). If closing tangible book value is unchanged from June 30, 2018, Tokio …

RenaissanceRe Estimates Q3 Claims Costs of $155M from Natural Catastrophes

RenaissanceRe Holdings Ltd. announced it currently estimates that the cost of claims from third quarter 2018 catastrophe events will have an estimated net negative impact of approximately $155 million on its third quarter 2018 results. The estimated losses for these …

Run-Off Firm Catalina Raises $700M, Forms Shareholder Restructure with Apollo, RenRe

Catalina Holdings (Bermuda) Ltd., a legacy runoff property and casualty re/insurance specialist, announced it has completed a US$700 million equity capital raise and concluded its shareholder restructuring after receiving regulatory approvals. As a result of this transaction, Apollo Global Management …

Oasis Loss Modelling Framework Offered Open Source, Free of Charge

Not-for-profit catastrophe modeling platform “Oasis Loss Modelling Framework” announced that all components of its catastrophe modeling software are now open source and downloadable from GitHub, free of charge. This step means that Oasis is making sophisticated catastrophe modeling more accessible …

AIR Worldwide, RenaissanceRe Collaborate to Develop Casualty Catastrophe Model

Catastrophe modeling firm AIR Worldwide (AIR) announced it is collaborating with RenaissanceRe, a global re/insurer, as part of a joint effort to enhance the industry’s modeling of long-tail casualty risk. “Since our inception, RenaissanceRe has been at the forefront of …

S&P Lowers RenRe Holdings’ Ratings by One Notch on Competitive Pressures

S&P Global Ratings has lowered the long-term issuer credit rating on Bermuda-based RenaissanceRe Holdings Ltd. (RNR) to “A-” from “A” and its long-term financial strength and issuer credit ratings on RNR’s core operating subsidiaries to “A+” from “AA-“. The outlook …

RenaissanceRe to Buy Minority Stake in Run-Off Firm Catalina Holdings

RenaissanceRe will pick up a minority stake in Catalina Holdings (Bermuda) Ltd., a long-term manager of legacy runoff P/C insurance and reinsurance businesses. Neither side is disclosing financial terms. RenaissanceRe will pursue the investment through its subsidiary RenaissanceRe Ventures Ltd. …

Insurance Protection Gap Is Growing Global Problem; Swiss Re, RenRe & WTW Comment

The insurance protection gap. It’s a phrase that will be increasingly heard over the coming years – because it is getting bigger. The protection gap is the difference between insured losses and economic losses, or uninsured losses. The protection gap …