Bermuda based reinsurer Max Re Capital has announced the purchase of $50 million in shares in DaVinci Re Holdings Ltd. a property catastrophe reinsurer managed by Renaissance Underwriting Managers.

As part of the purchase, Max Re Capital has also bought shares in DaVinci Reinsurance, DaVinci Re Holdings' operating subsidiary.

DaVinci is a new Bermuda based “prop cap” reinsurer.

Max Re joins Renaissance Re Holdings, State Farm Mutual Automobile Insurance Company and several other investors in the funding of DaVinci Re, whose market will be global reinsurance.

It has obtained financial strength ratings of “A” from A M Best and Standard and Poor's, allowing it to give highly rated capacity to the marketplace.

Keith S. Hynes, Exec. Vice President and CFO of Max Re said: “We are pleased to partner with Renaissance Re and participate in the underwriting results through DaVinci Re.”

Through its principal operating subsidiary Max Re, Max Re Capital offers customised risk financing to life, health, property and casualty insurers and large corporations.