RenaissanceRe Medici Fund Ltd.

For Bermuda based reinsurance company and third-party capital manager RenaissanceRe, the fee income earned from its joint-venture and insurance-linked securities (ILS) operations has become a significant contributor to earnings and the second-quarter is expected to see these fees rise by around 23% year-on-year, its leadership said today.

RenaissanceRe, the Bermuda based reinsurance and third-party capital management specialist, raised almost $566 million of third-party capital in the first-quarter of 2024, to further expand its range of ILS funds and reinsurance joint-venture vehicles, while the fee income earned by this business soared 87% in the quarter.

Third-party investor capital under management in reinsurance joint-ventures and insurance-linked securities (ILS) funds managed by RenaissanceRe’s Capital Partners division reached almost $7 billion at the start of 2024, with the firm’s catastrophe bond fund strategy driving the largest share of the last year’s growth.

The RenaissanceRe Capital Partners vehicles, which are the range of third-party investor capitalised balance-sheets, reinsurance joint-ventures and insurance-linked securities (ILS) funds operated by the company, do not really need any more capital, the firm’s CEO Kevin O’Donnell said yesterday.

Insurance giant AIG made good on its promise to invest into some of the third-party capital backed reinsurance joint-venture vehicles operated by RenaissanceRe at the start of 2024, with a $350 million deployment to two structures.

RenaissanceRe, the Bermuda based reinsurance and third-party capital management specialist, has successfully added almost $495 million in new third-party capital across some of its joint-venture and insurance-linked securities (ILS) structures in time for January 1st 2024.

RenaissanceRe’s CEO Kevin O’Donnell believes his firm is well-positioned to continue growing its insurance-linked securities (ILS) offering and doesn’t see the rest of the market as able to disrupt its strategy.

RenaissanceRe, the Bermuda based reinsurance and third-party capital management specialist, is working to bring investors in the AlphaCat Managers offering into its Capital Partners products, in the wake of the completion of the firms acquisition of Validus from AIG.

According to RenaissanceRe’s CEO Kevin O’Donnell, with the acquisition of AIG’s reinsurance businesses under the Validus brand now complete, the insurer remains on-track to invest $500 million into two of the RenaissanceRe Capital Partners vehicles.

Bermuda based reinsurance firm and third-party capital management specialist RenaissanceRe saw the fee income earned through its Capital Partners joint-ventures and ILS funds soar in the third-quarter, as management fees rose on the back of higher assets, while performance fees roared back in the period.