Renaissance Re news

RenaissanceRe is managing the volatile ceded reinsurance and retrocession market by leveraging its ability to cede more risk to its managed capital and so buy less on the open market, according to comments made by its CEO.

RenaissanceRe, the Bermuda-based reinsurance firm and third-party capital management specialist, added almost $568 million of additional capital to its range of insurance-linked securities (ILS) structures and joint-venture vehicles during the second-quarter of the year.

RenaissanceRe believes the work it has put into building out its casualty and specialty reinsurance lines, as well as its third-party reinsurance capital management expertise, mean it would be hard for competitors to replicate its new joint-venture vehicle Fontana, with CEO Kevin O’Donnell saying the company has built a “sustainable moat” around the strategy.

Bermuda headquartered reinsurance firm RenaissanceRe continues to expand its Capital Partners team, adding Keenan Press from Horseshoe as a new VP to lead on investor due diligence, as well as two new analysts in recent weeks.

RenaissanceRe, the Bermuda headquartered reinsurance underwriting firm and third-party capital manager, has added just over $1.4 billion of capital to its range of insurance-linked securities (ILS) structures and joint-venture vehicles so far in 2022.

The Fontana Holdings third-party capitalised casualty and specialty reinsurance focused joint venture vehicle launched by Bermudian reinsurer RenaissanceRe will have the flexibility to become market-facing and write business directly for counterparties, it seems.

The development of Fontana Holdings, RenaissanceRe’s newly announced, third-party capital-backed casualty and specialty reinsurance joint venture vehicle, sought to answer investor questions and respond to their needs for an efficient access point to these lines of business, Chris Parry explained to Artemis.

Bermuda-based RenaissanceRe Holdings Ltd. (RenRe) has created its first third-party reinsurance capital backed joint venture focused on casualty and specialty risk, Fontana Holdings L.P., which launches with $475 million of capital, most of which comes from institutional investors.

RenaissanceRe has now secured its 67% upsized new Mona Lisa Re Ltd. (Series 2021-1) catastrophe bond transaction at $250 million in size, while the coupon has now been fixed at the lowest-end of reduced price guidance.

RenaissanceRe is targeting an increased issuance size for its latest catastrophe bond, with the company now seeking 67% more multi-peril reinsurance protection from the new Mona Lisa Re Ltd. (Series 2021-1) transaction, at reduced pricing compared to initial guidance.