DaVinci Re

In the second-quarter of 2017 Bermuda domiciled reinsurance firm RenaissanceRe (RenRe) resumed its pull-back on catastrophe reinsurance underwriting, with lower catastrophe and managed catastrophe premiums written, but profitability improved including for its third-party capitalised sidecar vehicle, DaVinciRe.

Bermuda domiciled reinsurer RenaissanceRe (RenRe) has reported growth in its managed catastrophe premiums in the first-quarter of 2017, to $426.8 million, although its net income was negatively impacted by a decline in the profitability of its third-party sidecar vehicle, DaVinci Re.

Bermudian reinsurer RenaissanceRe (RenRe) has reported a reduction in managed catastrophe premiums during the fourth-quarter and full-year, 2016, and also revealed that it took in more capital for its Upsilon funds in the period.

Bermudian reinsurer and third-party capital management specialist RenaissanceRe reported a 14.8% decline in managed catastrophe premiums in the third-quarter, year-on-year, totalling $76.9 million.

Chris Parry, previously an ILS, reinsurance capital markets and catastrophe bond specialist at Aon Securities, has begun his new role as a Managing Director in Bermudian reinsurer RenaissanceRe’s Ventures unit.

Bermuda-based reinsurance firm RenaissanceRe’s (RenRe) third-party backed rated sidecar vehicle, DaVinci Re, was profitable again in the second-quarter, despite increased catastrophe losses, underlining the important role third-party capital continues to play in the firm’s multiple balance-sheet strategy.

Bermuda domiciled reinsurance firm and third-party or ILS capital manager RenaissanceRe (RenRe) saw a decline in its catastrophe premiums written during the first-quarter of 2016, but its third-party backed rated sidecar DaVinci Re profited from lower catastrophe experience and it added third-party capital.

Bermudian reinsurance company and third-party capital management specialist RenaissanceRe increased the managed catastrophe premiums it underwrote during the fourth-quarter of 2015, year-on-year, and also looks to have raised some new capital from third-party investors.

Bermudian reinsurance firm RenaissanceRe is raising capital for its DaVinci Re Holdings joint-venture through a $150m debt issuance, with the proceeds set to repay a loan made by RenRe to the venture, to repurchase shares or for corporate needs.

DaVinci Re, the joint-venture largely third-party capitalised reinsurance sidecar, is both “core and strategic” to Bermudian reinsurer RenaissanceRe’s business and future, according to rating agency Moody’s Investors Service.