Bermuda-based PartnerRe has announced the formation of Lorenz Re Ltd, a Special Purpose Insurer (SPI) domiciled here.Lorenz Re was capitalised with $75 million through the issuance of multiple classes of preference shares. It will provide additional capacity to PartnerRe on a diversified portfolio of catastrophe reinsurance treaties over a multi-year period.Costas Miranthis, president and CEO of PartnerRe, said: “Lorenz Re allows us to provide additional capacity to a number of our clients while optimising the deployment of our capital. Investors will benefit from PartnerRe’s twenty years of experience and expertise in the catastrophe market, as well as access to our diversified portfolio of catastrophe risks.”Aon Benfield Securities, Inc acted as advisor on the transaction. Prime Management Limited, a Bermuda company specialising in the administration of investment funds and special purpose insurance vehicles, will serve as the insurance manager of Lorenz Re.