RenaissanceRe Capital Partners
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RenaissanceRe Capital Partners - snapshot
- ILS manager or company name: RenaissanceRe Capital Partners
- Location (HQ / Domicile): Bermuda
- Date of launch: 1993
- Assets under management *: $6.95 billion (at Jan 1st 2024; excludes Top Layer Reinsurance Ltd.)
- Website link: RenaissanceRe Capital Partners website
RenaissanceRe Capital Partners - Details
Company profile:
RenaissanceRe Holdings Ltd. (“RenRe” or “RenaissanceRe”) is a New York Stock Exchange listed company (NYSE: RNR) and a leading provider of property catastrophe and specialty reinsurance and insurance worldwide. RenaissanceRe has total shareholder’s equity of $9.5 billion.
RenaissanceRe matches capital markets capacity with risk across a broad spectrum of structures through its dedicated unit RenaissanceRe Capital Partners.
RenaissanceRe Capital Partners, is an an established third-party capital manager that has served investors for over two decades.
RenaissanceRe’s subsidiaries, RenaissanceRe Underwriting Managers, Ltd. (“RUM”) and RenaissanceRe Fund Management Ltd. (“RFM”), provide third-party capital and reinsurance-linked investment management opportunities to investors.
At 01/01/2024, RenaissanceRe Capital Partners managed approximately $6.95 billion of third-party capital in various structures including DaVinci Reinsurance Ltd. (“DaVinci”), RenaissanceRe Medici Fund Ltd. (“Medici”), RenaissanceRe Upsilon Fund (“Upsilon”), Vermeer Reinsurance Ltd. (“Vermeer”), and Fontana Holdings (“Fontana”).*
*excludes Top Layer Reinsurance Ltd. ($4 billion at 01/01/2024) and RenaissanceRe’s approximately $1.24 billion co-investment in certain vehicles).
RUM was formed in 1999 and RFM was formed in 2009.
Team size and structure:
RenaissanceRe Capital Partners has over 30 dedicated staff managing joint ventures that leverage RenaissanceRe’s underwriting expertise and experience.
Number of strategies (how many funds, sidecars or strategies):
6
Offers private managed accounts?
Yes
Other offices or locations:
Ireland, Singapore, United Kingdom, Switzerland, Australia, and the United States.
Strategy:
RenaissanceRe was established in Bermuda in 1993 to write principally property catastrophe reinsurance and today is a leading global provider of reinsurance and insurance coverages and related services.
Our aspiration is to be the world’s best underwriter by matching well-structured risks with efficient sources of capital. Through our operating subsidiaries, we seek to produce superior returns for our shareholders by being a trusted, long-term partner to our customers for assessing and managing risk, and by delivering responsive solutions.
We accomplish this by leveraging our core capabilities of risk assessment and information management, by investing in our capabilities to serve our customers across the cycles that have historically characterised our markets and by keeping our promises. Overall, our strategy focuses on superior risk selection, superior customer relationships and superior capital management.
We provide value to our customers and joint venture partners in the form of financial security, innovative products, and responsive service.
DaVinciRe Holdings Ltd.
Principally writes property catastrophe reinsurance and certain low frequency, high severity specialty reinsurance lines of business on a global basis.
Global Diversified Property Catastrophe. Investors have an equity ownership and buy and sell at book value. DaVinci has an “A” rating from A.M. Best, a “A+” rating from Standard & Poor’s, and an “A3” rating from Moody’s.
Type of investment strategy (fund, sidecar etc):
BMA registered Class 4 reinsurer
Launch date:
Oct 2001
Latest AuM:
$3.42 billion as of Jan 01, 2024 (including debt and RenRe’s co-invest portion)
Underlying asset types:
Global diversified property catastrophe reinsurance and retrocessional coverage.
RenaissanceRe Medici Fund Ltd.
Investing in various insurance-based investment instruments that have returns primarily tied to property catastrophe risk.
Type of investment strategy (fund, sidecar etc):
Insurance-Linked Securities Fund
Launch date:
Oct 2009
Latest AuM:
$1.94 billion as of Jan 01, 2024 (includes RenRe’s co-invest portion)
Underlying asset types:
Insurance-linked securities (e.g. catastrophe bonds)
RenaissanceRe Upsilon Fund
Investing in a portfolio of primary reinsurance, retrocessional reinsurance and other insurance-linked securities.
Type of investment strategy (fund, sidecar etc):
Open-ended fund company
Launch date:
Jan 2015
Latest AuM:
$570 million as of Jan 01, 2024 (includes RenRe’s co-invest portion)
Underlying asset types:
Collateralized reinsurance, retrocession and catastrophe bonds
Vermeer Reinsurance Ltd.
Vermeer is an exempted Bermuda reinsurer, formed with PGGM, a Dutch pension fund manager, that provides capacity focused on risk remote layers in the U.S. property catastrophe market. Vermeer has an “A” rating from A.M. Best.
Type of investment strategy (fund, sidecar etc):
BMA Class 3B reinsurer
Launch date:
Dec 2018
Latest AuM:
$1.38 billion as of Jan 01, 2024
Underlying asset types:
U.S. Cat XOL reinsurance, risk remote layers
Fontana Holdings Ltd.
Casualty and specialty reinsurance focused joint-venture, capitalised by third-party investors and RenRe. Fontana Reinsurance Ltd. and Fontana Reinsurance U.S. Ltd. are both rated “A” by A.M. Best
Launch date:
Apr 2022
Latest AuM:
$620 million as of Jan 01, 2024 (includes RenRe’s co-invest portion)
Underlying asset types:
Casualty and specialty reinsurance
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Disclaimer:
The Artemis Insurance-Linked Securities Investment Managers & Funds Directory is provided as-is. Best efforts are made to ensure the contents are accurate at the time of publication but there may be some omissions. Please contact Artemis should you require a change to your ILS manager listing.
*Note: Assets under management are prone to fluctuation so the figures here are either the best available or last submitted by included managers.
It is not always possible for us to track the ‘usable’ assets under management (AUM) of most ILS managers, so the figures above tend to include an element of trapped capital. Few ILS managers report AUM figures that exclude trapped capital, unless they have fronting or other arrangements in front of their ILS funds that allow them to do so more readily.
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