RenaissanceRe Launches New Casualty and Specialty Joint Venture – Fontana Holdings L.P.
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“ We have been managing third party capital since 1999 and are the only reinsurer that has owned and managed, rated and fronted at-scale vehicles across every class of risk that we write. ”
RenaissanceRe Capital Partners
We are an industry-leading manager of ILS capital, serving the needs of large institutional investors by bringing RenaissanceRe’s reputation for superior risk selection and portfolio construction to our insurance-linked strategies. Our unique hybrid model of owned and managed capital provides broad access to risk, specialized underwriting, and strong governance and ensures our interests are aligned with those of our investors.
More than two decades ago, RenaissanceRe Capital Partners pioneered the matching of attractive insurance-linked risk with partner capital. Since then, we have expanded our offerings to encompass RenaissanceRe’s Property and Casualty & Specialty underwriting portfolio, providing our investors with access to the broad range of uncorrelated asset classes that they seek when constructing their portfolios.
RenaissanceRe Capital Partners delivers a differentiated model focusing on long-term partnerships, excellent service and bringing high-quality capacity to the market.
(1)September 30, 2022.
(2)Partner capital includes RenaissanceRe’s co-investment and ownership in DaVinci, Fontana, Medici, Top Layer and Upsilon, as well as third-party capital in DaVinci (plus debt), Fontana, Medici, Top Layer, Upsilon and Vermeer. Figures reflected as follows: DaVinci common shareholders’ equity and debt; Top Layer’s equity capital supported by a $75M credit facility plus $3.9 billion stop loss reinsurance provided by State Farm; Vermeer common shareholders’ equity; Upsilon and Medici as total capital invested in non-voting participating shares; and Fontana limited partners’ capital. Information as of September 30, 2022.
(3)Source: Trading Risk: ILS Investor Guide, H1 2022. Based on third-party capital, not including RenaissanceRe’s co-investment. Adjustments to source figures for RenaissanceRe include addition of $4 billion related to Top Layer and reduction of $780 million related to Langhorne, a vehicle targeting large in-force life and annuity blocks.
Our Vehicles
We manage third-party capital relationships through various joint ventures and managed funds. Our Property and Casualty & Specialty vehicles are:
Established: Bermuda, 1999
Ratings: S&P: AA | A.M. Best: A+
Investors: 50/50 joint venture with State Farm
Why Formed: In response to clients’ desires to have highly secure and rated balance sheets at the top end of their catastrophe reinsurance programs
Target Business: Non-U.S. risk remote layers of property catastrophe reinsurance market
Established: Bermuda, 2001
Ratings: S&P: A+ | A.M. Best: A
Investors: RenRe, pension plans, endowments, financial investors, others
Why Formed: Created in the weeks following 9/11 to bring capacity to the property catastrophe reinsurance market.
Target Business: Property catastrophe reinsurance and certain low frequency, high severity specialty reinsurance lines of business on a global basis
Established: Bermuda, 2018
Ratings: A.M. Best: A
Investors: PGGM, a Dutch pension
fund manager
Why Formed: In response to clients’ desires to have highly secure and rated balance sheets at the top end of their catastrophe reinsurance programs
Target Business: U.S. risk remote layers of property catastrophe reinsurance market
Established: Bermuda, 2012
Investors: RenRe, pension plans, endowments, financial investors, others
Why Formed/Target Business: Provides capacity to the worldwide aggregate and per-occurrence reinsurance and retrocessional property catastrophe excess of loss markets
Fund Format: Open-ended fund
Established: Bermuda, 2009
Investors: RenRe, pension plans, endowments, financial investments, other
Why Formed/Target Business: To invest substantially all its assets in various insurance-based investment instruments that have returns primarily correlated to property catastrophe risk (Cat Bonds)
Fund Format: Open-ended fund
Fontana
Established: Bermuda, 2022
Ratings:
A.M. Best: A | Fontanta Reinsurance Ltd.
A.M. Best: A | Fontanta Reinsurance U.S. Ltd.
Investors: RenaissanceRe and institutional investors
Why Formed: Innovative joint venture dedicated to writing casualty & specialty risks
Target business: Whole account quota share of casualty & specialty business, including credit
Why Choose Us?
Our Key Differentiators
Access to Risk
years of client relationships
Capacity across multiple balance sheets
Composite covers across Property Catastrophe and Casualty & Specialty
Underwriting
Proprietry Pricing and Risk System
Disciplined underwriting approach
Our models evolve quickly to reflect losses and changes to climate
Alignment of Interest
We invest in or partner alongside our investors in every vehicle
Approximately
of RenaissanceRe Holdings capital invested
Exposed capital is
than our fees
All information as of June 30, 2022, unless otherwise stated.