reinsurer

Bermudian reinsurance firm RenaissanceRe is raising capital for its DaVinci Re Holdings joint-venture through a $150m debt issuance, with the proceeds set to repay a loan made by RenRe to the venture, to repurchase shares or for corporate needs.

DaVinci Re, the joint-venture largely third-party capitalised reinsurance sidecar, is both “core and strategic” to Bermudian reinsurer RenaissanceRe’s business and future, according to rating agency Moody’s Investors Service.

Bermuda-based reinsurer and third-party reinsurance capital management specialist RenaissanceRe has maintained its disciplined approach to the challenging reinsurance market, pulling back on catastrophe business, while growing other lines.

For reinsurers the Monte Carlo reinsurance Rendez-vous has provided a fillip, defined as a stimulus to activity, but this is likely to be shortlived say analysts at Keefe, Bruyette & Woods, who say that the risk of disappointment looms large over the sector.

Bermuda-based reinsurer and third-party reinsurance capital management specialist RenaissanceRe has pulled back dramatically on catastrophe premiums written as the firm showed it will do whatever is necessary to avoid underpriced business.

Bermuda-based property and casualty reinsurance firm Third Point Reinsurance Ltd., backed by hedge fund manager Dan Loeb’s Third Point LLC, reported a 129% increase in net income for the full-year 2013.

Bermuda-based provider of property and casualty reinsurance Third Point Reinsurance Ltd., which is backed by hedge fund manager Dan Loeb’s Third Point LLC, has announced the appointment of Mark Parkin as Chairman of its Audit Committee.

Bermuda-based provider of property and casualty reinsurance Third Point Reinsurance Ltd., backed by hedge fund manager Dan Loeb’s Third Point LLC, has hired Nicholas Campbell as Senior Vice President, Underwriting.

Institutional hedge fund and equity investment managers have taken stakes in Bermuda-based reinsurer Third Point Reinsurance Ltd. The hedge-fund type reinsurer clearly resonates with large hedge funds such as Citadel and equity focused managers like Cambiar, both of which hold large stakes.

The third-quarter results reported by Bermuda-based reinsurer Third Point Reinsurance Ltd., backed by hedge fund manager Dan Loeb’s Third Point LLC, show improvements in underwriting and investment returns as well as growing income from its catastrophe fund business.