A flood of capital from private credit firms is pushing reinsurers into taking on riskier business through more lightly regulated intermediaries, industry bosses told the Financial Times.
Private capital firms have been muscling into the $2tn property and casualty sector with direct acquisitions, and by providing reinsurance capital through asset management agreements.
“We’re seeing private credit, specifically, being much more aggressive — shifting their focus from the life sector, looking more at casualty,” Kevin O’Donnell, chief executive of RenaissanceRe, said at the Financial Times/PwC Insurance Summit in Bermuda.
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