Renaissance Reinsurance Ltd today has formed Fibonacci Reinsurance Ltd, a special purpose insurer domiciled in Bermuda.

Fibonacci Re has been formed to provide collateralised capacity to Renaissance Reinsurance, the principal Bermudian-based reinsurance subsidiary of RenaissanceRe Holdings

Fibonacci Re, which has raised $140m of capital from third party investors and RenaissanceRe Medici Fund Ltd, has issued participating notes which will be listed on the Bermuda Stock Exchange, an arrangement that enables Renaissance Reinsurance to support its clients with additional property catastrophe reinsurance capacity, the company said in a statement.