RenaissanceRe Upsilon Fund Ltd.

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.

The Upsilon strategy has evolved this year, with its book becoming more balanced between retrocession and primary reinsurance, as the collateralized reinsurance vehicle grew to $800 million of limit for owner RenaissanceRe but rates on the retro side were not sufficiently high to deploy all of the capital raised.

Bermudian reinsurance firm RenaissanceRe fell to a loss for the full-year 2017 after the major catastrophe events of the third and fourth quarters, but the company took advantage of heightened investor demand for its third-party capital vehicles it seems, in particular increasing the size of its retrocessional vehicle Upsilon RFO.

Bermuda reinsurance firm RenaissanceRe continued to grow the size of its third-party investor capital backed retrocessional reinsurance vehicle Upsilon through the mid-year renewals and into the third-quarter, reporting that the total assets of Upsilon RFO had jumped to $453.8 million, on a U.S. GAAP accounted basis.

Following a number of quarters in which Bermuda reinsurance firm RenaissanceRe has shrunk the size of its third-party investor capital backed retrocessional reinsurance vehicle Upsilon, it appears that market conditions may have been viewed more favourably in 2017 as its Upsilon RFO vehicle more than doubled in size to just shy of $400 million (on […]

Bermuda headquartered reinsurance group RenaissanceRe Holdings Ltd. has announced a number of senior executive changes, one of which will see the companies Ventures unit President Aditya Dutt also taking on the role of RenRe Treasurer.

RenaissanceRe (RenRe) has continued to expand its Medici ILS fund offering which now has assets under management of $284 million, while its Upsilon retrocessional reinsurance focused fund continued to shrink in the third-quarter of 2016 as a response to market conditions.