Joint Ventures / Strategic Investments

Our Ventures unit has responsibility for managing our property catastrophe joint ventures such as DaVinci Re and Top Layer Re, executing customized reinsurance transactions to assume or cede risk, and managing certain investments directed at classes of risk other than catastrophe reinsurance.

Property Catastrophe Managed Joint Ventures

We actively manage two property catastrophe-oriented joint ventures – Top Layer Re and DaVinci Re – which allow us to leverage our access to business and our underwriting capabilities on a larger capital base. Renaissance Underwriting Managers, Ltd. acts as the exclusive underwriting manager for each of these joint ventures.

  • DaVinci Re was established in 2001 and principally writes property catastrophe reinsurance and certain low frequency, high severity specialty reinsurance lines of business on a global basis. Our non-controlling economic interest in DaVinci Re was 26% at December 31, 2015. DaVinci Re writes companion layers to Renaissance Reinsurance Ltd. and provides separately rated security to our clients. It is rated “A” by A.M. Best and “AA-” by S&P for financial strength.
  • Top Layer Re writes high excess non-U.S. property catastrophe reinsurance. Top Layer Re is owned 50% by State Farm and 50% by Renaissance Reinsurance Ltd. Top Layer Re is rated “A+” by A.M. Best and “AA” by S&P.

Our Ventures team works on a range of other customized reinsurance transactions and we have participated in and continuously analyze other attractive opportunities in the market for insurance-linked securities and derivatives. Our products contain a number of customized features designed to fit the needs of our partners. RenaissanceRe Fund Management Ltd. manages RenaissanceRe Medici Fund Ltd. (“Medici”) and two segregated accounts of RenaissanceRe Upsilon Fund Ltd. (“Upsilon Fund”), namely RenaissanceRe Upsilon Collateralized Fund and RenaissanceRe Upsilon Diversified Fund. Medici was established in 2009 with the objective to invest substantially all of its assets in various insurance-based investment instruments that have returns primarily correlated to property catastrophe risk. Upsilon Fund was formed to provide additional capacity to the worldwide aggregate and per-occurrence primary and retrocessional property catastrophe excess of loss market.

Strategic Investments

Ventures also pursues strategic investments where, rather than assuming exclusive management responsibilities ourselves, we partner with other market participants. These investments are directed at classes of risk other than catastrophe reinsurance, and at times may also be directed at non-insurance risks. We find these investments attractive because of their expected returns, and because they provide us with diversification benefits and information and exposure to other aspects of the market.

Contacts*

DaVinci Re

Aditya Dutt
President
Renaissance Underwriting
Managers, Ltd.
Email

Justin O’Keefe
Senior Vice President
Chief Underwriting Officer
– Property
RenaissanceRe Holdings Ltd.
Email

Bryan Dalton
Senior Vice President, Underwriting
Active Underwriter
Email

Rebecca Roberts
Senior Vice President
Email

Cathal Carr
Vice President
Email

Peter Muirhead
Vice President
Email

Justin Freisenbruch
Vice President
Email

Jeff Manson
Vice President
Email

James Mitchell
Vice President
Email

Top Layer Re

Aditya Dutt
President
RenaissanceRe Underwriting Managers Ltd.
Email

Bryan Dalton
Senior Vice President
Email

Cathal Carr
Vice President
Email

Peter Muirhead
Vice President
Email

*Underwriting services for DaVinci Reinsurance Ltd. and Top Layer Reinsurance Ltd. are provided by RenaissanceRe Underwriting Management Ltd. (“RUML”)