RenRe third-party AUM rose to $8.54bn in Q3. Partner capital surpassed $14bn for first time

Third-party investor capital under management in RenaissanceRe Capital Partners range of reinsurance joint-ventures and insurance-linked securities strategies rose to $8.54 billion by September 30th 2025, with the figure increasing by $450 million in the quarter.

The main drivers of continued third-party reinsurance capital and ILS assets under management in the third-quarter of this year were growth in the DaVinciRe reinsurance sidecar-like joint-venture structure, increased catastrophe bond assets under management, and growth in the balance-sheet of Vermeer Re, the rated reinsurance company backed by capital from significant ILS investor PGGM.

Notably, the $8.54 billion of assets managed for third-party investors in RenaissanceRe’s range of reinsurance JV’s and ILS funds is the highest end-of-quarter figure on-record for the firm’s Capital Partners division.

Perhaps even more notable though, is that once you include RenaissanceRe’s (RenRe) own co-investment stakes in these vehicles, the figure of total assets across these structures had reached $10.23 billion, the first time it has ever ended a quarter in double-digits.

Add in the Top Layer Re joint-venture reinsurer, which is backed by insurer State Farm, and RenRe’s Capital Partners division is now putting to work $14.23 billion in capital to support the reinsurer’s underwriting activities, again the highest end-of-quarter figure ever.

When we last reported on RenaissanceRe’s Capital Partners third-party investor AUM, it had surpassed the $8 billion milestone for the first time ever, reaching $8.09 billion at June 30th 2025.

The figure has risen by almost 6% in the third-quarter, to the new end of September 2025 high of $8.54 billion.

Over the last twelve months, RenRe’s third-party capital AUM has now risen by $820 million, or 11%.

The new highs underscore the important role third-party capital plays for RenaissanceRe, as the reinsurance joint ventures, catastrophe bond and insurance-linked security (ILS) funds continue to cement their role as a key income driver for the reinsurer.

Of course, this third-party capitalised firepower also augments RenRe’s stature in the global reinsurance market, and the now more than $14 billion of capital deployed by Capital Partners strategies continues to be a really meaningful addition to RenRe’s own $11.5 billion of shareholders’ equity (at September 30th 2025).

In the third-quarter, the DaVinciRe sidecar-like JV structure’s balance-sheet expanded by $240 million in third-party capital, while the Medici cat bond fund added $90 million and the newer Medici UCITS cat bond fund $20 million.

In addition, Vermeer Re, the rated reinsurer backed by Dutch pension investment giant PGGM, grew its balance-sheet by $70 million.

The Fontana casualty and specialty lines focused reinsurance JV vehicle also grew by $20 million in the period.

Of course, the third-quarter of the year is not typically a busy period for raising new capital, so much of the growth in third-party assets under management here is coming from retained earnings and returns, we assume.

But the increasing scale of RenRe’s third-party reinsurance capital activities and the meaningful fee income it generates for the company, are significant drivers for future underwriting volumes and as such a driver of overall premium and earnings growth for the reinsurer.

As we reported before, the company reported a 24.1% rise year-on-year in fee income earned from its reinsurance joint-venture vehicles and insurance-linked securities (ILS) funds for the third-quarter of 2025.

View information on many dedicated ILS fund managers, as well as reinsurers offering ILS style investment opportunities, such as RenaissanceRe, in our Insurance-Linked Securities Investment Managers & Funds Directory.