RenaissanceRe, the Bermuda-based reinsurance firm and third-party capital management specialist, has announced a rebranding of its Ventures business as RenaissanceRe Capital Partners, with Chris Parry taking the lead role as its Global Head.
Ventures had been the unit under which RenaissanceRe’s (RenRe) third-party capital, joint venture and insurance-linked securities (ILS) investment management operations have been undertaken, but the rebrand places Capital front and centre, further highlighting the importance of these activities, as well as ILS and innovative collateralized reinsurance structures to the company.
RenaissanceRe Capital Partners will be focused on managing the firms third-party capital relationships, joint ventures and managed ILS funds, including DaVinci, Medici, Top Layer, Upsilon, and Vermeer.
As we reported last month, RenRe’s third-party capital assets under management reached a new high at $6.4 billion, thanks to fresh capital being raised for renewals and in particular continued growth of the collateralized reinsurance and retrocession strategy Upsilon.
There have been changes in the RenRe Ventures business over the last year, with the departure of its leader Aditya Dutt leading to CEO Kevin O’Donnell taking charge of the unit.
Chris Parry will now take on the role of SVP, Global Head – Capital Partners once approvals are received and will lead the RenRe Capital partners business, reporting to Kevin O’Donnell, President and Chief Executive Officer.
Parry joined RenRe back in 2016, having previously worked as an ILS, reinsurance capital markets and catastrophe bond specialist broker at Aon Securities.
In the time Parry has been with the unit, RenRe has grown its third-party reinsurance capital assets under management significantly, from around $1.6 billion at the end of 2016, to the $6.4 billion now managed under the RenaissanceRe Capital Partners unit today.
Kevin O’Donnell commented on the news, “Our strategy is to match attractive risk with efficient capital, and over the last two decades, our third-party capital management business has grown into one of the most distinguished in the industry. Critical to this success has been our partnership approach and strong alignment with third-party investors. The name RenaissanceRe Capital Partners reflects this differentiated model.”
Alongside this change, the other strategic investments pillar of the Ventures business has also been broken out and will now be rebranded as RenaissanceRe Strategic Investments.
Jonathan (J.J.) Anderson takes the position of SVP, Global Head – Strategic Investments, reporting to Bob Qutub, Chief Financial Officer, with responsibility for sourcing and managing public and private investments that are able to generate attractive risk-adjusted returns while supporting and advancing RenRe’s business objectives.
Qutub commented, “Operating an Integrated System is an important aspect of our strategy. Bringing RenaissanceRe Strategic Investments under the finance umbrella will unify our investment approach, enhance our business capabilities and increase shareholder value.”
O’Donnell added, “Chris and J.J. are highly experienced RenaissanceRe team members and Bob and I look forward to continue working with them as we advance our strategy through these two important functions.”