RenaissanceRe Announces Management Change in Ventures Business
July 09 2020 - 4:15PM
Business Wire
RenaissanceRe Holdings Ltd.
(NYSE: RNR) (the “Company” or “RenaissanceRe”) announced today that
Kevin O’Donnell, Chief Executive Officer, will assume
responsibility for the Ventures business on an interim basis as
Aditya Dutt, Senior Vice President, Ventures, will be leaving the
Company to pursue a new opportunity.
Mr. O’Donnell said: “I am
excited to be leading the Ventures business at a time when I see
many opportunities to profitably deploy partner capital. Our
Ventures team combines deep bench strength with a track record of
innovation. For more than 20 years, we have helped our clients
reduce their volatility through our unique capability to match
attractive risk with both owned and partner capital. Given these
market opportunities and the strength of our team, systems and
partner relationships, I look forward to furthering our legacy as
an industry-leading manager of partner capital.”
Mr. O’Donnell continued, “We
appreciate Aditya’s many contributions to our success during his
time with RenaissanceRe. He has done an outstanding job managing
our Ventures business. We will miss him personally and
professionally and wish him well in his future
endeavor.”
About RenaissanceRe
RenaissanceRe is a global
provider of reinsurance and insurance that specializes in matching
well-structured risks with efficient sources of capital. The
Company provides property, casualty and specialty reinsurance and
certain insurance solutions to customers, principally through
intermediaries. Established in 1993, the Company has offices in
Bermuda, Australia, Ireland, Singapore, Switzerland, the United
Kingdom and the United States.
Cautionary Statement Regarding Forward-Looking
Statements
Any forward-looking statements
made in this Press Release reflect RenaissanceRe’s current views
with respect to future events and financial performance and are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
subject to numerous factors that could cause actual results to
differ materially from those set forth in or implied by such
forward-looking statements, including the following: the
uncertainty of the continuing impact of the COVID-19 pandemic and
measures taken in response thereto; the effect of legislative,
regulatory, judicial or social influences related to the COVID-19
pandemic on the Company’s financial performance, including the
emergence of unexpected or un-modeled insurance or reinsurance
losses, and the Company’s ability to conduct its business; the
impact and potential future impacts of the COVID-19 pandemic on the
value of the Company’s investments and its access to capital in the
future or the pricing or terms of available financing; the effect
that measures taken to mitigate the COVID-19 pandemic have on the
Company’s operations and those of its counterparties; the frequency
and severity of catastrophic and other events the Company covers;
the effectiveness of the Company’s claims and claim expense
reserving process; the effect of climate change on the Company’s
business, including the trend towards increasingly frequent and
severe climate events; the Company’s ability to maintain its
financial strength ratings; the effect of emerging claims and
coverage issues; collection on claimed retrocessional coverage, and
new retrocessional reinsurance being available on acceptable terms
and providing the coverage that the Company intended to obtain; the
Company’s reliance on a small and decreasing number of reinsurance
brokers and other distribution services for the preponderance of
its revenue; the Company’s exposure to credit loss from
counterparties in the normal course of business; the effect of
continued challenging economic conditions throughout the world; the
performance of the Company’s investment portfolio; a contention by
the U.S. Internal Revenue Service that Renaissance Reinsurance
Ltd., or any of the Company’s other Bermuda subsidiaries, is
subject to taxation in the U.S.; the effects of U.S. tax reform
legislation and possible future tax reform legislation and
regulations, including changes to the tax treatment of the
Company’s shareholders or investors in its joint ventures or other
entities it manages; the effect of cybersecurity risks, including
technology breaches or failure, on the Company’s business; the
success of any of the Company’s strategic investments or
acquisitions, including its ability to manage its operations as its
product and geographical diversity increases; the Company’s ability
to retain its key senior officers and to attract or retain the
executives and employees necessary to manage its business; the
Company’s ability to effectively manage capital on behalf of
investors in joint ventures or other entities it manages; foreign
currency exchange rate fluctuations; soft reinsurance underwriting
market conditions; changes in the method for determining the London
Inter-bank Offered Rate and the potential replacement of LIBOR;
losses the Company could face from terrorism, political unrest or
war; the Company’s ability to successfully implement its business
strategies and initiatives; the Company’s ability to determine any
impairments taken on its investments; the effects of inflation; the
ability of the Company’s ceding companies and delegated authority
counterparties to accurately assess the risks they underwrite; the
effect of operational risks, including system or human failures;
the Company’s ability to raise capital if necessary; the Company’s
ability to comply with covenants in its debt agreements; changes to
the regulatory systems under which the Company operates, including
as a result of increased global regulation of the insurance and
reinsurance industries; changes in Bermuda laws and regulations and
the political environment in Bermuda; the Company’s dependence on
the ability of its operating subsidiaries to declare and pay
dividends; aspects of the Company’s corporate structure that may
discourage third-party takeovers and other transactions;
difficulties investors may have in servicing process or enforcing
judgments against the Company in the U.S.; the cyclical nature of
the reinsurance and insurance industries; adverse legislative
developments that reduce the size of the private markets the
Company serves or impede their future growth; consolidation of
competitors, customers and insurance and reinsurance brokers; the
effect on the Company’s business of the highly competitive nature
of its industry, including the effect of new entrants to, competing
products for and consolidation in the (re)insurance industry; other
political, regulatory or industry initiatives adversely impacting
the Company; the Company’s ability to comply with applicable
sanctions and foreign corrupt practices laws; increasing barriers
to free trade and the free flow of capital; international
restrictions on the writing of reinsurance by foreign companies and
government intervention in the natural catastrophe market; the
effect of Organisation for Economic Co-operation and Development or
European Union measures to increase the Company’s taxes and
reporting requirements; changes in regulatory regimes and
accounting rules that may impact financial results irrespective of
business operations; the Company’s need to make many estimates and
judgments in the preparation of its financial statements; the
effect of the exit by the United Kingdom from the EU; and other
factors affecting future results disclosed in RenaissanceRe’s
filings with the SEC, including its Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q.
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version on businesswire.com: https://www.businesswire.com/news/home/20200709005908/en/
Investor Contact: RenaissanceRe Holdings Ltd. Keith McCue Senior
Vice President, Finance & Investor Relations 441-239-4830
Media Contacts: RenaissanceRe Holdings Ltd. Keil Gunther Vice
President, Head of Global Marketing & Client Communications
441-239-4932
Kekst CNC Dawn Dover 212-521-4800
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