RenaissanceRe Upsilon Fund Ltd.

Renaissance Re, the Bermuda-based reinsurance underwriter and manager of increasing amounts of third-party capital, believes that Covid-19 uncertainty means “substantial amounts of collateral will be trapped” at the end of 2020, the firms CEO Kevin O’Donnell has said.

Bermuda-based reinsurance firm and third-party capital management specialist RenaissanceRe has again reported a rise in the amount of fee income earned through its various third-party capital management and ILS fund activities, also paying out more in distributions to investors as well.

Bermuda-based reinsurance firm and third-party capital management specialist RenaissanceRe has benefited from significantly higher fee income earned through its various third-party capital management and ILS fund activities in 2019.

Bermuda-headquartered global reinsurance firm and third-party capital manager RenaissanceRe has revealed that it raised an impressive more than $925 million for its insurance-linked securities (ILS) and joint-venture vehicles Upsilon, Medici and Vermeer in recent months.

RenaissanceRe, the Bermuda-headquartered global reinsurance firm and one of the biggest users of third-party capital within its business, is expected to capitalise on the retrocession market opportunity being seen this renewal season.

Bermudian reinsurance firm RenaissanceRe reported an underwriting loss for the third-quarter of 2019 on the back of the impacts of hurricane Dorian and typhoon Jebi, but at the same time has returned significantly more capital to its third-party investors.

Insurance-linked securities (ILS) are integral to the business of insurance and reinsurance and an ideal solution for bringing capital to the big problems facing society, according to RenaissanceRe CEO Kevin O’Donnell.

RenaissanceRe deployed more capacity into retrocession again at the recent mid-year reinsurance renewals, managing to provide continuity to some protection buyers that were missing the availability of Markel CATCo’s retro product.

RenaissanceRe said that it raised over $700 million of new third-party capital from investors for its joint-venture and insurance-linked securities (ILS) vehicles in the second-quarter of 2019.

Bermudian reinsurance firm RenaissanceRe has promoted Matthew Neuber to the position of Corporate Treasurer, taking on the role from Aditya Dutt who remains the lead on RenRe’s Ventures business (which includes much of the firms ILS activities), as well as corporate development and M&A.