RNR - Earnings call transcript Q4 2019 | RenaissanceRe Holdings Ltd.

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Operator

Thank you for standing by, and welcome to the RenaissanceRe Fourth Quarter and Year End 2019 Financial Results Conference Call. [Operator Instructions]. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions].

I would now like to hand the conference over to your speaker today, Keith McCue, Senior Vice President, Finance and Investor Relations. you. Thank ahead. go Please

Keith McCue

you financial our after results issued closed, Thank year the quarter end we release. quarterly XXXX conference our for morning. fourth joining and market Good call. Yesterday,

through make please didn't you at and Eastern you an will receive p.m. one. copy, audio the today sure If from call replay about provide to X:XX midnight of a (XXX) Xth. me XXX-XXXX, There on be March with we'll call time available

US XXXXXXX. toll-free accessed The through be by March is of XXX-XXXX will archived XXXX. section XXX-XXXX need dialing can www.renre.com also Information X replay internationally. on be or Xth, (XXX) on passcode for The (XXX) both Today's available will website you RenaissanceRe's Investor midnight and numbers the is call through

today's I'm contain materially from Before obliged may and results that caution to may discussion actual begin, those differ statements, forward-looking we discussed.

you. RenaissanceRe's found to information which outcomes can Additional be direct shaping these the SEC filings, regarding in factors we

results President With Chief to Kevin Qutub, now Officer. Vice President call to and and Officer; Kevin. like us Bob I'd over discuss Chief Financial turn and Executive the Executive today are to O'Donnell,

Kevin?

Kevin O'Donnell

and now successfully Good It morning, We XXXX way. have our as we business. you evenly been is deliberate only to broader, resilient, very a and long us customers. yet one to has RenRe for and and between not Property book joining designed make taken began diversified one to different where It deeper under partner better but Casualty today's not divided a more This but feeling and call. that very Specialty we track, from chartered a a journey thank has looking where Company complete, also and started Keith. ago. Thanks, year intentional a path

are with pleased where greater our a started the One I of currently am the because Last January but and year, broaden deepen I to we and two we future on, who two same at with questions. our efficiency. should was saw ourselves our year path change think in course. This call to us asking them, asked relationship also the I excited customers behest questions. we about by ask

our is have second the how we goals -- achieved year's is, and how executed and our is first financial the performance, The is, strategy? effectively

financial with is Starting value tangible question book XX.X% dividends grew value share, accumulated one, by plus how per We our share book performance. XX.X%. per by and

on profit. a was results background. our equity operating For well I a and Bob was we underwriting equity performed detail In on the later. return discuss consistent X%. diversifying our will return believe generated But difficult especially we against segment, year, our more financial our XX.X% Casualty in

insured XXXX, Dorian Caribbean. and of industry the experienced losses, in including In approximately in our catastrophe Hagibis Hurricane and Japan billion Faxai Typhoons $XX

In continue addition, required events on increasing being as industry. the prior rate plague recognizing the In impacted to on years. loss recent as prior social adverse exponentially are accident inflation creep lines, by from development verdicts and jury is casualty year market losses

mounting loss partners. returns, capital the capital well and deployed change. manage this we poor as creep Against the behalf we own respect our backdrop, of on both in XXXX as capital, was third-party over due For concerns industry to constrained our capital to climate more

Our partner January the capital in XXXX raised increased $XXX Xst by for an million $X.X XXXX, with billion additional renewal.

and in we've to and expect best for seen to capital considerable multiple the sources us financial procure what efficient opportunities ability provides This most market be years. flexibility, we into heading underwriting highlights the our capital

question, to generated answer the an So have satisfied with returns XXXX. financial our I'm performance first we the and in

effectively achieved several the goals. year executed -- year's goals We how two, strategy? question with began to on our we and Moving have the

run rate. integrating quickly was into effectively people, systems TMR's First and risk and

third operational slower was than And Second, was efficiency by operating strengthening corporate our organization of organically growing increasing our growing expenses a the premiums. market. business and in

you will was TMR I'm to integration, growing our these strategy business. Bob continue on executing complete. but on integration the goals. it element outperformed and report, proud An we important organically the to of the update is essentially

and markets capital. improved, focused the As we on deploying expanding more

our continued improve by shareholders' run three have Finally, while and previous gross XX%. than years, over rate leverage and the operational we only only and capital increasing by growing more written our expenses doubled equity to premiums XX%

we efficiently critical into an these position as goals ourselves to expediently. to market. moved so accomplishing XXXX, was improving and Just effectively as doing In execute quickly

superior financial Most tools, the increased heavy behind necessary have and access of outperform the lifting is risk to XXXX. us resources and scale, we to better now in

XXXX conclusion, to I'll we the exceptional opportunities but January when on X provide was more these in are viewed later the objectives. turn and Bob talk details in year expecting against XXXX first, on to an renewal me Bob? So our it call, financials, over let strategic about

Bob Qutub

strongly, year-end divide with executed Thanks to We financially discuss investment I'll operationally like Today, before segment I'd had remarks will the good our saying Kevin, year. between financial we and the quarter our a during quarter morning and results. results, fourth portfolio and returns consolidated off good to our capital performance XXXX my activities. and and both start year. everyone. finally first on I moving

return $XXX fourth premiums our common last comparable on year. equity were average X.X% operating with $XXX consolidated or results where quarter X.X%. the XX% for common annualized our million, the and written and average up on return equity quarter million the was Starting our from annualized was with quarter beginning Gross

this million per About of share. income common We growth. two-thirds of $XX $X.XX reported net quarter diluted organic was for or the

operating Operating integration. integration net the diluted investments million $X.X million of and of the unrealized an and share. and $XX income or realized Our overall and combined common of ratio underwriting of per gains reported loss quarter million million $XX associated expenses an transaction, on We $X.XX with was had for excludes compensation XXX.X%. income $XX TMR

XXX% impact to interest of provide clarity not more our consolidate the statements. we of how fully and since I'd on own the of results that financial and Vermeer, we we non-controlling these results, Each quarter, ventures own. like before do a our entities, their removed portion moving to year DaVinci, we returns Medici not Now, joint our on full do from

a DaVinci's of XXX% results our and included are income. underwriting in example, investment For

positive as of net our reduction interests. third we of is only because of DaVinci's net the removed the own XX% the these income net income elimination or to However, returns Therefore, in income DaVinci, ventures XX% This the attributable reflected the we a to party reflected is elimination from attributable statement our as income. investors when to produce returns, non-controlling loss income.

to is an negative income. increase results, reflected as our elimination net Likewise, when these have ventures the

reflected financial page if the a our XX-Q, it supplement the have components new financial the adjustment. we has a the added non-controlling provides We the given but that increasing always and be in to we included been breakdown This of significance, helpful supplement. thought would XX-K in of it interest

positive As which in for both you resulting DaVinci, new is noncontrolling a more for produced and the these positive will returns interest for loss see than Medici adjustment. and interest in net the in $X.X quarter, reflected reflected million, the we quarter, negative where vehicles, by disclosure, a non-controlling a these as returns overall Vermeer of positive offset were

plus Net grew of book return diluted per XXXX on $X.XX for average realized where reported was per earned billion of equity the accumulated up net premiums the per operating by per $XXX income $XX.XX year combined of common or XX.X% were we XX.X%. income $X.X million equity our operating tangible common XXXX year-over-year. an million XXXX, XX.X% book or a overall In X%. $X.X by or We return share moving common diluted common We XX% $XXX year value our share, dividends and average was for And and on our ratio share, and full billion, XX.X%. share. to on value

on before to efficiency. like Now to operational you update results, segment I'd moving our our

the of are $XX Our expenses quarter an direct fourth and quarter, XXXX. increase million for operational $XX corporate million our from totaled expenses, the is of sum which the of which

to year. premiums points ratio of same X.X%, earned the percentage the a net expense period of However, for last almost decrease X direct was

were by Adjusting impact percentage earned million costs year integration would direct by incurred $XX TMR or year, $XXX XXXX, the net to of in X% the for while net of the in direct expenses decreased XXXX of earned. the X.X%. million expenses for Likewise, premiums million in million ratio points up direct to premiums for expense have to $XXX $XXX X.X been

quarter of moving and growth to of typically cat reinstatement $XX written. Now $XXX increase on grew write and comparative This segment, million with XX% year offset other decline in in our reflective in business Property growth fourth quarter which Property mix. to starting our Property the written loss was outside Property million. segments do by the million. million partially activity other $XXX in down over The cat an driven We was or premiums were $XX gross Property of much not this property premiums, gross premiums by by

Other to compared XXXX. the Property overall XX% becoming in a XX% premiums written and makes percentage is for our year, property book, Property of of larger gross up

our Property book and As a expense carries reminder, other of to nature the ratio. proportional acquisition access it this we business higher through a due business,

segment, becomes business a acquisition increase. greater expenses of the part this Property may As

by Typhoon driven On of other $XX Property ratio. last XXX.X% Our quarter estimated of Property comfortable Property announced a combined XXX% the a net Hagibis. catastrophe related for Hagibis We million. the Typhoon underwriting with Current call, Property segment an this to remain XX.X% estimate. the were million an our reported reporting fourth of and in primarily and $XXX quarter negative quarter, ratio, loss an ratio fourth cat we losses impact in combined with approximately reporting combined

million covers. As impact financials, Hagibis being we negative under with you to saw incurred allocated our remainder the $XXX our aggregate net have specifically in of

So to estimate not be has our changed. clear,

events We million the aggregate in negative from quarter third impact have losses. XXXX to net $XX also reallocated

for Dorian the While million million and respectively. relates $XXX our and both this to reallocation estimates at Faxai same $XX Faxai, primarily Typhoon remain

by catastrophe in other For or XX% our class class of million down $XXX business. the to gross XX%. or written million million Property business premiums Property our $XXX in of broke Property and This or grew in growth segment year, of XXX% our $XXX

our combined reported and For of the XX%. ratio income Property million year, of underwriting a full segment $XXX

organic. million where the was $XX were fourth income for We up Now quarter moving quarterly or XX% on the gross million growth XX.X% to of the reported two-thirds of in XXXX of combined the premiums and Casualty this quarter. underwriting approximately ratio segment our $XXX comparative quarter, of written a over

the ratio The current accident Casualty year XX%. segment for was loss

million year, For $XXX premiums and of or written The million organic. $XX for the underwriting segment a gross this ratio of XX%, income up the combined half of XX% about were year. was reported growth

fee performance contributing $XX million. was negative fees quarter management fee income income and Now moving $XX $XX where million with being to total the for million fees

primarily quarter, our the The which reversal income negative in performance $X Hagibis performance fees cat driven was fees. by the accrued quarterly comparable Overall, quarter. to previously triggered million were relative fee by the activity of the up

was the million, year, million $XXX $XX For up from fee XXXX. income total

investments, to of the posted which includes total fourth turning investment we $XX Now for $XXX results million. quarter, mark-to-market gains of million

million total $XXX For with were results in million investment mark-to-market the gains. year, $XXX

maturity third quarter. fixed million, quarter Our $XXX overall the net for investment was and compared and investment almost return quarter million $XX the was short-term flat the for income to

have income, $XXX income retention belongs million with retained and contributes full is our in the to remainder short, investment retained that financial investment about income that is consistent which this retained to and $XX return XXXX. we and to the our we quarter our million, net investment include the total This a the enhanced quarterly XX%, delineates In mark-to-market of result. Of is the supplement disclosures results what XXXX investment investment partner year portfolio. our This the to of apply net net capital.

to X.X% our fourth retained on managed years of and reported quarter, to and of of yield of years portfolio assets investment of billion, of reported maturity investment while X.X duration the In X.X on X.X% assets $XX.X portfolio billion. yield duration $XX.X our maturity

was to on moving fourth capital management perspective. the management, again active capital quarter once Now from a

is This the X/X raised capital over renewals had for XXXX. our capital Medici, we $XXX addition January $X.X various million and a successful raising in As Kevin in in that raise preparation in mentioned, effective partner Upsilon billion joint in ventures across to XXXX. we

senior X.XX% forward Looking tranche will on XXXX, March the mature. of to XXth, $XXX million notes

in to XXXX. reminder, million going an X.X% into improving a anticipate XXXX into rate with strong issued in capital last year and position a we senior the due we and As capital remain opportunities $XXX environment, additional interest liquidity notes Consequently, of business. deploy

not we such, quarter. did repurchase during our the of any As shares fourth

in making change it will be XXXX. the our to you calculation, first Before back I I over turn operating to income Kevin, to quarter want starting on update that we a of

compensation excludes gains shareholders, you and operating integration investments transaction, acquisition and realized to these tax with income the unrealized exclusions. attributable associated As TMR associated net impact with know, income expenses and on

sheet, addition the and will and TMR also we gains refining With exchange to non-dollar balance foreign be of their our losses. exclude methodology

we hedge accounting neutral relatively we economic line be you acquisition. driven to should experience I'd of While our volatility TMR bottom time sometimes impact. And FX finally, exposure, in over that our like on terms update

With X/X have by of reunderwritten that us, effectively end two which time of strategic after-tax than the an rate earnings million run will achieve TMR the greater of greater $XXX of and renewing primary retained acquisition we exceeded TMR the renewal the all financial XXXX. thresholds. We QX premium $XXX the behind as at than contribution million deals, we the out metrics the met book, we set our and

it's behind think financial ones about are even integration, important. successes the operational that I more the When the

risk, single have together. our working are are and systems deepened We we integrated, key bench of our have extremely a strength our people view well

integration we positioned in to into scale free increased distraction time spent XXXX, effort capture benefit has TMR Because from well on XXXX, we market. activities and Going and this will are the opportunities we efficiency significant in the and of brought from improving us. operational that

with back And that, on our details over now Kevin to more I'll turn segments. it for

Kevin O'Donnell

that, questions. our XXXX. divide and our segment your January Property comments renewal Bob. between moving take with segment of for Thanks, the XXXX Casualty opportunities my to discussion Specialty I'll X starting then results, After and we'll and

of grew seen E&S was Particularly, in we've opportunity Property premiums XXX% our we markets. gross billion growth organic. other a XX% property million Property $XXX year written the For or by $X.X segment in -- XXXX, substantial to in reflects in full the portion the

$XXX quarter based experienced $XX hold We from was continue of a quarter. negative impact pre-announced Typhoon million loss. which and large on a catastrophes number net natural the we billion in industry Hagibis Last a to

Hagibis we the renewal itself We discussed impact events are to learn change, creep X/X our Hurricane expect facts largest be the will monitoring Last as estimate. noted would and one more I in and on the reports if of the the of and approach by XXXX. so loss Irma's it year,

year Hurricane ago. year of to but almost realized one only we Fast which experience and dollars have and which to a the last in struck benefits years ago, forward now we creep continue of not also yet X.X of loss Hurricane from Irma AOB Florida say, from Michael made it reforms. billions not X.X landfall Suffice year's

indicator private This is deeply disappointing. reinsurance. yet Several Florida domestics are now close structural to This exhausting market another their Florida. problems the deep XXXX of afflicting is

and as In and sea as effects addition, of increased to I rainfall quarter, exposed is Florida the change rising climate discussed such flooding hurricanes. levels, increasingly intensifying last

rate result these easy talk are substantial to of I is it for two impacting increases. our factors materially say about June that and the view Florida will Although renewal, the can need in

has Florida RenRe. market and will for always be been important an always

said, increases to so Florida additional companies reduced same That for exploring decade. if leaders At meet do do hurdles. this a our in we return been prepared our year again and domestic are the last for we risk business means to time, are accessing market. rate this have wind We not in exposure

an XXXX active continues widespread be from Faxai Japan for was also Typhoon to creep with an Loss year causing and Typhoons issue. Hagibis damage. Jebi

the increase Japan natural engineers Our will believe faces. change catastrophe and climate team further meteorologists, of that scientists, risk

are increase, and average and of rise level Japan. be surge of change will have of intensity X greater. Sea will likely portents or will Faxai will typhoons be storm and impact Hagibis intensify, will rainfalls Typhoons on more there stronger category intensity climate Typhoon

have the the long-term years developed value market our underwritten and with greatly Japanese for We we clients. XX relationships have

reflect of last us Taken X/X the market storms Japan's more experienced the to by loss risk. been unprecedented last whole, creep at Typhoon increases in are risk. has years accurately Unfortunately rate than post the Typhoon Japan level of from Substantial needed increase have increases of renewal scale a however, as Jebi. elevated two view over year the offset Japanese caused to our price the

renewal I affected complex renewal Xst, commercial experienced free experienced primary slightly. were on retro conference QX January up stressed. the rates and Loss up rates wildfires materially, discussed risks were but call, to business California exposed such as business loss insurance V-shape As both rate on a reinsurance treaties at material were more market increases Property our and only at

The key classes increasing different portfolio mix element build of risk, full to us adjust best and to business which of spectrum the on our options worst. strategy is allows our access to on the the between decreasing of

profitable We business less our as against increased most most So through while benefits efficient wrote risk. rates top-line fees. but shifted attractive, will we to materially focus premium its we more its mix primary recognize the lines, the it and underlying retro more our were on marginally, increased partner sold capital was reinsurance

this Finally, property. primary Property we our other grew as access is book materially how we

other reminder, activity in a impact take The the capital net a portfolio and book less consumes tail. have cat overall profitable from to portfolio. As is in changes of XXXX this we exposure that we additional risk in Property cat Property our these more

to share through continue retro structures. We risk traditional other and

While to while to our purchase retained of strategically become our our recent expensive years, underwriting to portfolio. retro maximizing continue the more has clients, we efficiency support relative focused

as us accessed through $XXX been positioning successfully our do retro capacity market component conditions Lisa It and several million bond market, and yet was indicator transaction to another the strong Our years our latest net gross capital cat key last protection the XXXX. is agility of of so has most to we since pricing. ability heading bond relatively into of we efficient sourcing change. cat in attractive leaving efficient a very strategy Lisa has a Mona our at Mona providing raised The capital

net Vermeer have additional and strategy Upsilon desirable January gross at the Xst us that capacity. with time DaVinci, risk Our partner renewal. provided match to capital business markets capital a flexibility to at augmented our diminished retro with efficient

continue In Japan. pricing continue XXXX, to increase, forward, anticipate in the especially cannot Looking indefinitely. beat we and the US rates will property

about We them. attractive. themselves will also present I'm superior E&S optimistic remain retro to to opportunities in the that from and expect both positioning our benefit

across more For of as and classes XX%. a This of the a impact premiums growth by gross portfolio. and we better TMR as balanced the Casualty in our and sub resulting segment was mix well reflecting grew organic diverse Specialty year, in written all

achieve casualty in our We continue on attractive construct to portfolio segment. this have and scale risk to an return

result, generating earnings and a up net stable by are our of Casualty the above we ratio $XX XXXX. were a markets diversifying As XX renewal. producing underwriting plan, Rate increases achieved a to have Xst the and in at and income expected for customers stream of million year. combined January Specialty continue broadly been

We in loss greater change believe the than this increase trend. rate is

also We for also reductions decreasing been market. improvements The saw broad and trading than have larger and rate disciplined and future significant companies to recognized need conditions, have supply in terms commissions be anticipated. the ceding were sustainable for the based insurance in improved that conditions foreseeable should the including as

trading move and business should profitably As us allow our into XXXX, conditions consistent these improved profit. we leverage operational improved Casualty to underwriting scale continue in resulting to

the inflation Casualty to continues Social impact industry.

close us best that underwriters, to pricing our allow challenging. in by have functions the underwriters claims, most reserving recognize being by the quickly avoiding our effectively more portfolio are Casualty overweighting attractive We aided coordination selecting while this navigated loss Our benefit tools about from and between and classes, trends. market risks and rigorous the

that we the have underwriting line. importantly, on strong culture bottom More a focuses

we operational grew underwriting our strong solid fourth to line results. strong all was integrated materially and increasing delivering quarter top a while which efficiency, TMR, the a So our and rapidly investment year effectively close while

are we'll increasingly opportunities value on executing it returns. strategy that, As over XXXX our maximizing material the Thank shareholder focused attractive with always, resolutely at we of and you. ahead excited remain question. in to to deploy us about and capital And turn

Operator

Thank you. [Operator Instructions].

with Tunis comes question Ryan first Autonomous. Your from

open. is line Your

Ryan Tunis

Hey, Had a couple. thanks. Yeah.

$XX little like nature do about, like think size in and higher bit seems net maybe you XXXX. was is thinking than It wondering about how the of of was cat a on one loss book billion if your 'XX a of guess year. or market activity loss much I the just to basis of actual of the share I'm experienced? growth, growth the we first 'XX events the that The attributable think it that type we industry in Ren's was cat in a

Kevin O'Donnell

Yes.

of it what and I to I relate from think sometimes an disproportionate reinsurance. had become large with is to we cat that's all Hagibis, has Dorian, What perspective, tends there good the question, thinking what's effect -- had to happened a which average think a reinsurance year to events about larger, an several portfolio. was happens is difficult on industry last going it we be Faxai,

are, on had hit us the had a the we little in think and a I were where protections we XXXX different bit than in XXXX places things affecting we storms XXXX retro. had retro where less

The of part we size biggest It was that played your the more a -- to in had is So which protecting Southeast the had bit much netbook. second role, of losses retro of wind size of but And we pretty book, a around component the little is the not the we tend Japan, was the a portfolio. the have of aggressively. more protect it. which question,

Ryan Tunis

here one all I'm on obviously any environment as or of not actual port specialty? ratio things it has then XXXX just fast, in about is I curious, just in those where guess, releasing -- I'm Understood. put and side, quite upward on talked the if you're you curious kind the it your port of pressure trends maybe loss monitoring And any casualty, reserves the being that specialty your vigilant casualty of and you loss has how know, on picks, an did you're about impact that. had

Kevin O'Donnell

Let to I the change pricing perspective, observing. seeing that above is mentioned think then the is rate pricing, a and what I'll with trend we're move me we're From loss I start that reserving.

are or curves pricing picks So pricing dropping. our actually

ratios though. moving not that reserving to are We our

been with trend, and So, observing where adjustments up. the ultimate we are historically, our are ratios what they've we but consistent expected pushing making reserving are

change book, terms we the the in recognizing in reflecting we So in then the trend -- not our -- in our the renewals. but are in are legacy current improved pricing

Ryan Tunis

you. Thank

Kevin O'Donnell

Yeah.

Operator

[Operator Instructions].

next Your Bhullar J.P. from comes with Morgan. question Jimmy

line Your is open.

Jimmy Bhullar

Hi, Casualty your -- have you worse. they've you the just that on reserve, how -- or had you've you consistent like, overly you been, business. given been I be basically morning. a in these reserves social that as will conservative not -- get inflation but good How are the assuming question are be issues trends with observed,

Kevin O'Donnell

is always we Reserving believe dates. an put a factors something we that the our area appropriate of that in in think of risk ultimate we to. picks this focus will taking for lot any affect take Company attention any that all and it's business We and are

So estimate. picks we tools, rate trend, best that resident we all looking them our is stand we feel rate at monitoring and that we at have, loss but we of environments, by looking historic they we have the is are within are are appropriate, like

Jimmy Bhullar

you in of asking the You cushion in pricing your was think it, that know, adjusting you're for you've sort previous if I building your question, continue in not deteriorate. to reason response reserves an I extra trends implied is the to but been

Kevin O'Donnell

Yeah.

measure general do our between reserving difference considered about So, take positive -- of before curve rule, be there's pricing. would expect. XX% reserving we be book, We wait a of trend in any that as actuaries is for what reserve development will we to and there historically what actuaries pricing looking a a will always and at the

would if the -- today's our it in the nature will actuaries if of even our process. risk, reflected pricing of actuaries. that couple even are there their just a be It's before take reserving of years So accurate assessment by

Jimmy Bhullar

quarter business a of seeing terms have insurance behavior given how less, of seasonally. not quarter, it's cat is up? just then What are companies terms quarter premiums on Okay. good, much And big not prices premiums, buying big fourth but in cat in your your are terms usually down, obviously primary gone company were of -- a or more anyway purchase of you in

Kevin O'Donnell

new market. have put out, for I say It's that -- if a into it's are larger blanket there would relatively purchases some the the statement to reinsurance I come players from some flat, have is demand

I think access. we have great great and relationships

opportunities tend where to relatively even growth, have is So say there would for statement, but I blanket if you we a flat. ask limited

Jimmy Bhullar

that lastly renewals, moves like gives seem X/X you'll comfort, And given if fairly I ask that continue to and more, you're midyear just that could on upward and pricing. seems positive What pricing Okay. then you see one confident you're the issues insights caused so, on past about years like some of in some have you over are there, pricing that capital soft excess just could share Those out the industry. if and you few the optimistic still pricing. the why it

Kevin O'Donnell

The renewals X/X that with to referring and… -- you're Yeah. do to have cat are comments the property at

Jimmy Bhullar

yeah. Yeah,

Kevin O'Donnell

Jebi was that development based we our I'll through market have was Jebi. At the inadequate X/X, had discussions change So on Japan. seen X/X the on ongoing for comment -- that. the since with that partners on in They we've put that recognize

of the recognize, there Japanese will is additional to when for and as Faxai, partners need X/X the losses as renewal we is I In think has the rate. responded addition, good size a Hagibis approach there more become size clear historically of the and market

there we've Within we creep, or seen view goes issue that at is legislation I ineffective substantial regard think We've seen structural Florida, it our loss as Florida. reduce. to up is change in we AOB with market, and look

did what the we return XXXX. but forecast will reduce to in we I going see in XXXX our meet say like changes will we not expectations, change that unless I'm be, So will

Operator

time. at questions no are [Operator Instructions]. further There this

Kevin O'Donnell

appreciate quarter. Thank joining and Thank tuning today's in Well, look call. you. we we you forward you next you for to to speaking

Operator

call. conference today's concludes This

disconnect. You may now

RenaissanceRe (RNR) 5 Feb 202019 Q4 Earnings call transcript