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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. – Kevin O’Donnell, President and CEO
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) 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; Fontana limited partners’ capital; and capital attributed to any SMA’s.

(2) Source: Trading Risk: ILS Fund Manager Directory, as of July 2023. 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.

All information as of June 30, 2023 unless otherwise stated.

Our Vehicles
We manage third-party capital relationships through various joint ventures and managed funds. Our Property and Casualty & Specialty vehicles are:
Top Layer Re

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

DaVinci Re

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

Vermeer Re

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

Upsilon Fund

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

Medici 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


Established: Bermuda, 2022

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

Our History

Backed by deep expertise and a commitment to share our investors’ risk, we have more than two decades of proven experience creating innovative joint ventures and special purpose vehicles that match desirable risk with partner capital.




Company is founded in Bermuda.


Top Layer Re

Joint venture with State Farm targeting high layers of non-U.S. catastrophe reinsurance business.


DaVinci Re

Joint venture formed to provide capacity following 9/11 with additional capacity in 2005 following Hurricanes Katrina, Rita and Wilma



Short-dated portfolio, which was renewed in 2007, of Atlantic windstorm-exposed accounts underwritten and managed by RenaissanceRe


Timicuan Re

Partnered with financial investors to create short-dated vehicles, which were renewed in 2009 and 2012, targeting Reinstatement Premium Protection covers in Florida



Open-ended fund created to facilitate investment in the growing catastrophe bonds (ILS) market using RenaissanceRe and third-party capital


Upsilon Fund Strategy

Open-ended fund to provide capacity to the reinsurance and retrocessional property catastrophe markets through a collateralized reinsurance structure


Fibonacci Re

Formed to provide collateralized capacity to RenaissanceRe via private placement of participating notes listed on the Bermuda Stock Exchange. Four series issued




Focused on risk remote layers in the U.S. property catastrophe market



RenaissanceRe’s first joint venture 100% dedicated to writing casualty and specialty risks, including long-tail lines.

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


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


of RenaissanceRe Holdings capital invested

Exposed capital is

than our fees

All information as of June 30, 2022, unless otherwise stated.

Key Contacts

Global Head
Reinsurance Solutions

Chris Parry

SVP, Global Head - Capital Partners
Investor Relations Team
Reinsurance Solutions

Laura Bonanno

Senior Vice President
Reinsurance Solutions

Roger Beach

Assistant Vice President
Reinsurance Solutions

Bryce Wojciechowski

Senior Analyst
Reinsurance Solutions

Sebastien Iaxx

Senior Vice President
Contact Sebastien
+1 441 239 4712
Reinsurance Solutions

Manjit Varwandkar

Vice President
Reinsurance Solutions

Dave Courcy

Senior Vice President
Reinsurance Solutions

Keenan Press

Vice President
Reinsurance Solutions

Kevin Ronaldson

SVP, Head of Operations
Reinsurance Solutions

Christian Husby

Senior Vice President
Contact Christian
+1 201 848 6425
Reinsurance Solutions

Anne Korenblit

Senior Vice President, Chief Counsel
Reinsurance Solutions

Carl Stapen

Vice President, Legal Counsel
Reinsurance Solutions

Chiara Soria

Vice President, Legal Counsel
Reinsurance Solutions

Veronique Bernard

SVP, Head of Finance
Contact Veronique
+1 441 239 4704
5 April 2022
RenaissanceRe Launches New Casualty and Specialty Joint Venture – Fontana Holdings L.P.