RenRe’s partner and ILS capital up ~7% or $520m in last year, hit $8.46bn at March 31st

RenaissanceRe Capital Partners, the specialist division of the reinsurer, lifted its third-party investor capital managed across joint-venture reinsurance and insurance-linked securities strategies by around 7% over the last year, to end March 2026 with $8.46 billion of assets under management.

Recall that, third-party investor assets under management at RenaissanceRe’s Capital Partners division had reached a new record-high of $9.08 billion as of December 31st 2025, before dropping back to $8.24 billion of third-party investor assets under management (AUM) at January 1st 2026.

Now, with the total increasing to $8.46 billion at March 31st 2026, the figure stands almost 7% higher year-on-year, for an increase of approximately $520 million over the twelve months.

Third-party capital under management at RenRe Capital Partners rose by around $220 million over the first-quarter since January 1st 2026.

The main drivers of this quarterly growth were increased balance-sheet equity at the DaVinci reinsurance sidecar-like joint-venture structure and the Vermeer Re joint-venture reinsurer that RenRe manages for Dutch investor PGGM on behalf of its client pension PFZW.

Elsewhere, there was not much change in third-party capital AUM in the other joint-ventures and ILS funds managed by RenRe in the quarter since January 1st.

Year-on-year, the Medici UCITS catastrophe bond fund strategy grew by $100 million of third-party AUM, which including RenRe’s own investment in the strategy took it to $470 million at the end of Q1 2026.

The Fontana casualty and specialty lines focused joint-venture grew by $150 million in the last year of record to reach $900 million including RenRe’s own stake.

Again including RenRe’s co-investments, at the end of March 2026 DaVinci had $4.65 billion of capital and increased $250 million in the last year.

Across all of the reinsurance joint-ventures and ILS funds managed by RenRe’s Capital Partners division, total third-party capital and RenRe’s stakes were valued at $10.3 billion, increasing by $770 million in the prior twelve months.

Total catastrophe bond assets under management across the Medici Fund, the Medici UCITS Fund, as well as the NOC1 and Stratos segregated accounts rose slightly to $2.54 billion as of March 31st 2026, including RenRe’s own investment stakes in the Medici vehicles. Third-party AUM in the cat bond strategies reached $2.2 billion.

Meanwhile, the Upsilon diversified strategies, which have historically taken the private ILS style collateralized reinsurance and retrocessional focus, are still slightly down year-on-year, reflecting investor preference for RenRe’s joint-ventures such as DaVinci it seems.

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 and $94 million for the first-quarter of 2026.

While there has been some fluctuation in third-party AUM in recent quarters, largely linked to returns of capital, investor profit taking and presumably also RenRe right-sizing the vehicles for the current market opportunity, the consistent growth in deployable capital and strong performance of the strategies continued to deliver meaningful additional income for the reinsurer.

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