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.
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In other property, Helene and Milton will assure rates remain attractive, he added.
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The firm’s AuM in four key vehicles rose $526mn in Q3.
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The deal freed up capital held against deals written in 2019 and 2020.
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Cat bond funds continue to draw interest as private ILS more challenged.
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The headline figure of $7.15bn includes $2.91bn of DaVinci equity plus debt.
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The property market remains “one of the most favorable ... I've seen in my career,” the executive said.
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The reinsurer raised $84.5mn of third-party capital in the quarter.
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A degree of pricing volatility was evident in the market this week.
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Pricing on the Class A notes settled 11% below guidance.
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The bond is offering investors a spread range of 1,050-1,150 bps.
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The firm said it expects Capital Partners to continue to grow.
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Performance fees soared by 605% to $27.5mn from $3.9mn in Q1 2023.
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Chris Parry said the denominator effect remains a suppressant on ILS inflows after a strong phase of returns.
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The acquiring reinsurer will now run off the business.
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The rise was helped by performance fees at DaVinci.
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The Bermudian said its third-party vehicles were “sufficiently capitalised”.
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Fourth quarter inflows also included $111mn for its retro platform Upsilon
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The Medici cat bond fund experienced the largest growth in AuM.
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The year brought a degree of closure on the loss-hit years of 2017-2021, while the outlook remains changeable for ILS managers.
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Key names taking up senior roles at Validus include Sven Wehmeyer and Pablo Nunez.
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Prior-year cat loss years that are finally shaking out drove fee benefits in Q3.
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The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.
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The carrier returned $369mn of capital to third-party investors in Q3 from investors in the Upsilon and Vermeer vehicles.
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As of year-end 2022, the fund’s largest ILS allocation was in a RenRe fund.
