RenaissanceRe
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Fontana 2.0 will encompass a more flexible investment strategy than the 2022 vehicle. -
Growth included a $240mn increase in partner capital in DaVinci equity plus debt.
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Carriers are grappling with a rush of investor interest in longer-tail lines.
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O’Donnell believes RenRe is well positioned to produce longer-tail risk to third-party investors.
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Third-party investors made a net income of $415mn in the quarter.
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The allocation is around 3% of the fund’s total assets.
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Improved performance and growing investment returns played a role in the upgrade.
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Reinsurers are confident on cat rates and ready to deploy ILS capital.
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The firm’s ILS vehicles posted low single-digit growth in assets under management in Q2.
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The merged business of Twelve Securis ranked third among ILS managers for AuM, behind Fermat and RenRe.
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Reserve releases helped to recapture deferred fees.
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The reinsurer returned $216.7mn to investors in Q2.
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The awards celebration took place at the Hilton Bankside on 25 June.
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Some assets in the Medici Fund were transferred to a new UCITS strategy.
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The firm’s assets under management were down $300mn in Q1 as performance fee income was hit.
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January’s California wildfires meant third-party investors suffered a loss of $195.3mn.
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Sources warned some property XoL books are already running 50% loss ratios.
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The fund is open to European and other global investors.
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There was a slight increase in DaVinci and Fontana from 31 December 2024 to 1 January 2025.
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Models will need to steepen the curve in the tail to reflect severe event frequency.
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The ILS manager’s existing Medici cat bond strategy stood at $1.68bn in assets under management (AuM) as of 30 September.
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The headline figure of $7.72bn includes $3.11bn of DaVinci equity plus debt.
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Strong growth in fee income builds on the favourable rating environment.
