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RenaissanceRe says its property cat book stays rate adequate
CEO Kevin O’Donnell said the reinsurer is underwriting fewer premiums and increasing retrocession as it adapts tactics to mid-year renewals and current pricing.
RenaissanceRe’s property catastrophe reinsurance portfolio remains rate adequate at current pricing, CEO Kevin O’Donnell said, describing how the reinsurer is adjusting tactics at mid-year renewals.
Speaking during the company’s earnings call, O’Donnell said RenaissanceRe has shown disciplined cycle management in recent quarters by underwriting fewer premiums and buying more retrocession, changes that can weigh on premium volume but aim to support returns.
O’Donnell said RenaissanceRe’s strategy centers on building efficient portfolios of risk to maximize profitability, while emphasizing that the underwriting approach can shift as markets move.
He added that recent rate decreases have come off the 2023 reset and step change in pricing and terms, leaving property cat rates broadly adequate and guiding the company’s underwriting behavior.