Reinsurance sidecars news

Munich Re has again secured a total of over $360 million of capital markets capacity using its Eden Re II Ltd. collateralised reinsurance sidecar vehicle, adding a January listing of $258.7 million of Series 2017-1 Class B notes to its December $101.4 million Class A issuance.

Global specialty insurance and reinsurance firm Brit Ltd. has renewed its reinsurance sidecar vehicle Versutus Ltd. for 2017, increasing its fully collateralised capacity by 33% to $110 million from existing and new third-party investors.

Stone Ridge Asset Management, the beta and alternative risk premia focused mutual fund manager with a range of insurance-linked securities (ILS) funds, has secured commitments of $2 billion from existing investors for its Post-Event ILS fund.

It transpires that Bermudian reinsurance firm RenaissanceRe was responsible for the formation of special purpose insurer Fibonacci Reinsurance Ltd. and the subsequent issuance of $140 million of participating notes, which Artemis wrote about earlier today.

Beta and alternative risk focused mutual fund manager, Stone Ridge Asset Management, increased its insurance-linked securities (ILS) and reinsurance linked assets under management by just over 2% by October 31st 2016, to $5.054 billion.

Another collateralized reinsurance sidecar transaction has been completed for the January renewal, with a Fibonacci Reinsurance Ltd. participating notes program and $140 million of Series 2017-1 notes issued and having now been listed on the Bermuda Stock Exchange (BSX).

The Pioneer ILS Interval Fund, U.S. mutual fund manager Pioneer Investments insurance-linked securities and reinsurance linked investment fund, continued to grow in the last quarter reaching $161.7 million in size, while returning an impressive 11.23% in its last reported year despite catastrophe event impacts.

As part of the recent $160 million Limestone Re Ltd. multi-year collateralised reinsurance sidecar-like transaction from insurer Liberty Mutual $85 million of participating notes have been listed on the Bermuda Stock Exchange (BSX).

Leo Re Ltd., a recently registered Bermuda special purpose insurer, has listed a $200 million tranche of notes, which likely represent a new collateralised reinsurance sidecar transaction from a currently unknown sponsor.

Global insurer Liberty Mutual Insurance has announced the creation of the Limestone Capital Markets platform and a first deal using the new Bermuda segregated accounts vehicle, Limestone Re Ltd., a $160 million multi-year collateralised reinsurance sidecar-like transaction.