RenaissanceRe launches special purpose vehicle
RenaissanceRe has announced the formation of Upsilon Reinsurance II Ltd, a new Bermuda-domiciled special purpose insurance vehicle that will create additional reinsurance capacity for the global retrocessional reinsurance market.
Upsilon Re II is capitalised by both private investors and RenRe deploying $185 million of fully-collateralised reinsurance capacity.
Upsilon Re II is managed by Renaissance Underwriting Managers and may raise additional capital and provide additional fully-collateralised reinsurance capacity if market opportunities exist.
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, said Neill Currie, CEO of RenaissanceRe Holdings, Ltd. Through this endeavour, we are able to both serve our clients needs and design a facility that allows investors to efficiently participate in the retrocessional reinsurance market.