New RenRe unit to write casualty and specialty risks – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

New RenRe unit to write casualty and specialty risks

RenaissanceRe Holdings Ltd has announced the creation of Fontana Holdings L.P. and its subsidiaries, an innovative joint venture dedicated to writing casualty and specialty risks.

Fontana launched with $475 million of capital and targets institutional investors, who contributed $325 million, with the remaining capital coming from RenaissanceRe.

Fontana assumed a whole account quota share of RenaissanceRe’s global casualty and specialty book of business, including the credit portfolio, with the opportunity to raise additional capital and increase in scale over time.

Kevin J O’Donnell, president and chief executive officer of RenaissanceRe, said: “Fontana builds on our long legacy of innovation in matching desirable risk with owned and partner capital.

“We are proud to invest alongside several highly respected institutional investors and believe that they will benefit from our deep expertise in underwriting casualty and specialty risks.

“We also believe that Fontana will enhance shareholder value by providing a steady source of fee income while enhancing our gross-to-net strategy.”

Christopher S Parry, SVP, global head of Capital Partners, said: "Fontana represents the next step in the evolution of our Capital Partners strategy.

“As our first joint venture focused on casualty and specialty risk, Fontana extends the suite of insurance-linked securities and reinsurance strategies that we offer our third-party capital partners.”

Fontana is regulated by the Bermuda Monetary Authority and is expected to be consolidated into RenaissanceRe’s financial statements, the company said.

Kevin O'Donnell, RenRe president and chief executive officer (File photograph)

You must be Registered or to post comment or to vote.

Published April 06, 2022 at 7:36 am (Updated April 06, 2022 at 7:36 am)

New RenRe unit to write casualty and specialty risks

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon