RenaissanceRe Announces Formation of Upsilon Reinsurance II Ltd., Bringing Additional Reinsurance Capacity to the Retrocessional Reinsurance Market
RenaissanceRe Holdings Ltd. (NYSE: RNR) today announced the formation of
Upsilon Reinsurance II Ltd. (“Upsilon Re II”), a new Bermuda domiciled
special purpose insurance vehicle, creating additional reinsurance
capacity for the worldwide aggregate retrocessional reinsurance market.
Investors (including RenaissanceRe) have capitalized Upsilon Re II and
$185 million of fully-collateralized reinsurance limit has been
deployed. Upsilon Re II is managed by Renaissance Underwriting Managers,
Ltd. Upsilon Re II may raise additional capital and provide additional
fully-collateralized reinsurance capacity if market opportunities exist.
Neill A. Currie, Chief Executive Officer of RenaissanceRe Holdings Ltd.,
stated: “We are pleased to announce the formation of Upsilon Re II to
serve our retrocessional clients worldwide and continue our track record
of providing our clients with appropriate capital. Through this
endeavor, we are able to both serve our clients’ needs and design a
facility that allows investors to efficiently participate in the
retrocessional reinsurance market.”
RenaissanceRe Holdings Ltd. is a global provider of reinsurance and
insurance. The Company’s business consists of three segments: (1)
Reinsurance, which includes catastrophe reinsurance, specialty
reinsurance and certain property catastrophe and specialty joint
ventures, managed by the Company’s ventures unit, (2) Lloyd’s, which
includes reinsurance and insurance business written through
RenaissanceRe Syndicate 1458, and (3) Insurance, which principally
includes the Company’s Bermuda-based insurance operations.
