RenRe third-party capital AUM surpassed $9bn for first time, then dipped on capital returns

Third-party investor capital under management in RenaissanceRe Capital Partners range of reinsurance joint-ventures and insurance-linked securities strategies reached a new all-time high of just over $9 billion at the end of 2025, before dropping slightly as 2026 began and the manager returned profits to some investors.

When we last covered the third-party investor assets under management at RenRe’s Capital Partners division, the total had risen to $8.54 billion by September 30th 2025 having increased by $450 million in the third-quarter of last year.

The capital firepower continued to rise through the final months of 2025, to reach a new record-high of $9.08 billion as of December 31st 2025.

That represented a nearly 18% increase from the $7.71 billion of third-party capital managed at RenRe Capital Partners at the end of 2024.

Part of the reason for the strong growth in assets under management across the insurance-linked securities (ILS) and third-party collateralized reinsurance capital markets has been the accumulation of earnings through strong returns over recent years.

It appears RenaissanceRe opted to take the chance to deliver some of that back to investors in one of its key capital partner vehicles at the end of the year, as by January 1st 2026 the third-party AUM has now fallen to $8.24 billion.

The DaVinci reinsurance sidecar-like joint-venture structure repurchased $750 million of shares from investors and from RenRe itself, which we understand reflects capital being returned after three strong years of returns.

There may also be an element of right-sizing to meet the market opportunity here, at this stage of the reinsurance market cycle, as DaVinci had already reached $5.19 billion of assets, in terms of third-party and RenRe’s share by the end of December, it’s largest amount of capital firepower yet.

As of January 1st 2026, DaVinci fell back to $4.44 billion, which is still up on the prior year and includes $3.35 billion of third-party capital, also up on the prior year slightly.

In addition, in terms of returns of capital and profits, as we’d already reported, Dutch pension PFZW (or Pensioenfonds Zorg en Welzijn) recently benefited from another $150 million return of profits through a dividend from Vermeer Reinsurance Ltd., the joint-venture and rated underwriting vehicle that RenaissanceRe Capital Partners manages on its behalf.

Despite these returns of capital and having dipped in AUM terms at the end of the year, the RenaissanceRe Capital Partners team now manages 6% or $430 million more in third-party investor capital than a year earlier, with $8.24 billion at 1/1.

Including RenRe’s stake in the ILS funds and JV reinsurance structures, the total as of 1/1 2026 is $10.01 billion in third-party and own capital, which is $620 million more than a year earlier or growth of almost 7%.

Over the range of catastrophe bond and ILS funds, as well as reinsurance joint-ventures, the majority have increased in size year-on-year, as of January 1st.

Upsilon diversified strategies, which have historically taken the private collateralized reinsurance and retrocessional focus, are slightly down, while Vermeer Re is very slightly smaller since the return of capital this year.

On the catastrophe bond assets front, the total has increased thanks to the launch of the Medici UCITS cat bond fund and the more recent Stratos segregated managed account.

In fact, cat bond assets under management across the Medici Fund, the Medici UCITS Fund, as well as the NOC1 and Stratos segregated accounts appear to have now reached $2.52 billion as of January 1st 2026, including RenRe’s own investment stakes in the Medici vehicles. Third-party cat bond AUM reached $2.19 billion at the start of this year.

This is up from $2.13 billion of total cat bond assets under management across the main Medici Fund and NOC1, or $1.82 billion of third-party capital cat bond AUM at January 2025.

As of January 1st 2026, the Fontana casualty and specialty reinsurance joint-venture vehicle had reached $910 million of total capital, of which $600 million was from third-party investors.

All of which puts total partner capital managed by RenaissanceRe Capital Partners at $10.01 billion as of January 1st, across third-party and RenRe’s own stakes, up from $9.39 billion a year earlier.

As we’d reported, fee income generated through RenRe’s range of reinsurance joint-venture vehicles and ILS funds reached $328.9 million for full-year 2025, with the consistent growth in deployable capital and strong performance of the strategies providing meaningful additional income for the company.

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.