“We have the people, platforms and capabilities to continue our leadership in the industry.”
RenRe names Parry as head of rebranded Capital Partners unit
RenaissanceRe has rebranded its Ventures platform with the formation of a new Chris Parry-led Capital Partners unit to house and manage all of its third-party capital relationships, joint ventures and managed funds including DaVinci, Medici, Top Layer, Upsilon and Vermeer.
The rebrand of the Ventures business, which focused on ILS and third party capital management, comes seven months after Aditya Dutt, who had led the platform as senior vice president, left to join Aeolus.
Since then, the Ventures platform has been led by RenRe CEO Kevin O’Donnell on an interim basis.
The rebranded unit will be led by Parry as senior vice president and global head of Capital Partners, pending Bermuda immigration approval. In his new role, Parry will report into O’Donnell.
“Our strategy is to match attractive risk with efficient capital, and over the last two decades, our third-party capital management business has grown into one of the most distinguished in the industry,” said O’Donnell.
“Critical to this success has been our partnership approach and strong alignment with third-party investors. The name RenaissanceRe Capital Partners reflects this differentiated mode,” the CEO said.
Parry joined RenRe in July 2016 after seven years at Aon, and had most recently been a senior vice president within RenaissanceRe Ventures.
As part of the rebranding, the reinsurer’s strategic investments unit has been renamed RenaissanceRe Strategic Investments.
Jonathan, or JJ, Anderson, senior vice president and global head – strategic investments, will lead this unit and report into RenRe’s CFO Bob Qutub.
In his new role, Anderson, who joined RenRe from Morgan Stanley last year, will be responsible for seeking and managing public and private investments that generate what the reinsurer said are “attractive risk-adjusted returns” while also advancing its business objectives.
“Operating an integrated system is an important aspect of our strategy,” said Qutub.
“Bringing RenaissanceRe Strategic Investments under the finance umbrella will unify our investment approach, enhance our business capabilities and increase shareholder value,” RenRe’s CFO added.
The changes come after RenRe revealed in its fourth quarter 2020 results that it had raised more than $730mn of capital, effective at 1 January through its Upsilon RFO, DaVinci and Medici managed vehicles to support its underwriting activities in the hardening market. The reinsurer said it had provided $131mn of that $730mn total.
The company also said it had entered into secondary transactions with third-party investors that resulted in a net purchase of an additional $117mn of DaVinci shares.