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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)June 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 and Fontana common shareholders’ equity; Upsilon and Medici as total capital invested in non-voting participating shares. Information as of June 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:
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

Fontana

Established: Bermuda, 2022

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.

Timeline

1993

RenaissanceRe

Company is founded in Bermuda.

1999

Top Layer Re

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

2001

DaVinci Re

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

2006

Starbound

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

2006

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

2009

Medici

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

2012

Upsilon Fund Strategy

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

2017

Fibonacci Re

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

 

2018

Vermeer

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

2022

Fontana

RenaissanceRe’s first fund 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

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.

Key Contacts

Global Head
Reinsurance Solutions

Chris Parry

Senior Vice President,
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

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
5 April 2022
RenaissanceRe Launches New Casualty and Specialty Joint Venture – Fontana Holdings L.P.
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