RenRe: Retro shortage likely to drive more cat demand than S&P model change

Bermudian (re)insurers RenaissanceRe and Axis have responded to S&P Global Ratings’ proposed capital model changes by stating their own internal models dictate how they build portfolios, with RenRe’s Kevin O’Donnell suggesting a lack of retro will create more opportunity than any increase in demand from the rating agency’s changes.