Fibonacci Reinsurance Ltd

Bermudian reinsurance firm RenaissanceRe has allowed a partial redemption of its $140 million Series 2017-1 notes issued by Fibonacci Reinsurance Ltd. at the scheduled maturity, but has opted to extend the maturity for $3.3 million of the tranche, suggesting the vehicle may be exposed to losses from recent catastrophe events.

A $45 million tranche of insurance-linked notes have been issued through Bermudian reinsurer RenaissanceRe’s vehicle Fibonacci Reinsurance Ltd., a sidecar-like structure that can provide investors with catastrophe bond-like investments.

The Fibonacci Reinsurance Ltd. special purpose insurance vehicle helps reinsurer RenaissanceRe source risks efficiently for its third-party investors, as well as for its Medici cat bond fund, in a sidecar style structure that can provide bond-like investments.

It transpires that Bermudian reinsurance firm RenaissanceRe was responsible for the formation of special purpose insurer Fibonacci Reinsurance Ltd. and the subsequent issuance of $140 million of participating notes, which Artemis wrote about earlier today.

Another collateralized reinsurance sidecar transaction has been completed for the January renewal, with a Fibonacci Reinsurance Ltd. participating notes program and $140 million of Series 2017-1 notes issued and having now been listed on the Bermuda Stock Exchange (BSX).