RenaissanceRe forms new sidecar Timicuan Re II creating additional capacity for Florida


A new Bermudian reinsurance company has been formed by Renaissance Reinsurance Ltd. The new company called Timicuan Reinsurance II is essentially a sidecar vehicle set up specifically to create additional capacity for the Florida property reinsurance marketplace at the upcoming renewals.

RenaissanceRe say they have entered into a fully-collateralized reinsurance agreement with Timicuan Re II allowing RenaissanceRe to cede to Tim Re II a defined portfolio of its property catastrophe business, particularly it’s 2009 hurricane season risks. Tim Re II has been capitalised by investors with about $60m of capital including $10m raised by RenaissanceRe themselves.

Aon Benfield Securities assisted in raising capital for this sidecar vehicle while Willis Capital Markets & Advisory and  GC Securities also acted as placement agents for Tim Re II.

We assume that this has been seen as a cheaper alternative to a catastrophe bond at this time for RenaissanceRe. It allows them to achieve the same thing though by offsetting some of their risks to the capital markets through investors.

Read the full press release on the Renaissance Re website.

Artemis catastrophe bond ILS DashboardAnalyse catastrophe bond market issuance using the Artemis Dashboard and Charts.

We’ve tracked more than 650 cat bonds and related ILS transactions since 1996, all of which are included in our extensive Deal Directory.

Use the Artemis Dashboard and our Cat Bond Market Charts to analyse this market!

Print Friendly, PDF & Email

Artemis Newsletters and Email Alerts

Receive a regular weekly email newsletter update containing all the top news stories, deals and event information

  • This field is for validation purposes and should be left unchanged.

Receive alert notifications by email for every article from Artemis as it gets published.

Read previous post:
Catastrophe bond yields nearing record highs

In the last few days as the U.S. Atlantic hurricane season approached (it's now officially started) reports have emerged that...