RenaissanceRe Upsilon Fund Ltd.

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.

RenaissanceRe sees the potential to raise new third-party reinsurance capital for the June 1st renewals, as its view of the market particularly in retrocession suggests profitable opportunities will be available, CEO Kevin O’Donnell explained recently.

Bermudian reinsurance firm and third-party ILS capital manager RenaissanceRe has reported that it ceded much of its growth in catastrophe business to its Upsilon vehicle in the first-quarter, while its fee income from third-party capital grew year-on-year.

RenaissanceRe’s fee income earned from third-party capital management activities, joint-ventures, managed ILS funds and other structured reinsurance backed by capital from investors rose to $90 million for 2018.

RenaissanceRe could be on the hook for an enlarged share of losses from the current California wildfire outbreaks given the firm had completed two large wildfire excess casualty deals in the second and third quarters of this year, with its Upsilon vehicle taking some of the risk in the latter transaction.

RenaissanceRe’s CEO said that as part of the Bermudian reinsurance firm and third-party capital manager’s acquisition of Tokio Millennium Re it will, alongside Tokio Marine, offer continuity to the fronting cedants and business partners for a defined period.

Bermudian reinsurance firm RenaissanceRe has broadened the scope of its activities within the Upsilon ILS vehicle and funds, utilising it to transfer casualty risks to third-party investors for the first time recently.

RenaissanceRe, the Bermudian reinsurer and third-party reinsurance capital manager, has announced an estimated net negative impact of $155 million from catastrophe events in the third-quarter, which suggests some of these losses will flow to investors in the firms third-party capital vehicles.

Bermudian reinsurer and third-party reinsurance capital management firm RenaissanceRe has continued to increase the size of its collateralized reinsurance and retrocession vehicle Upsilon, issuing another set of shares to investors during the second-quarter, increasing the overall size of the vehicle to more than $1 billion for the first time.