Bermuda’s RenaissanceRe Holdings Ltd. confirmed its commitment, announced last October, to provide $100 million in additional capital to Glencoe Insurance Ltd., its commercial property subsidiary.
The additional investment will bring Glencoe’s total capitalization to $200 million, and follows a $34 million addition RenRe made in September.
RenRe also announced that William J. Ashley has been appointed COO of Glencoe. He most recently served as Executive VP of the Strategic Operations and Risk Management business unit of Benfield Blanch.
“These steps to further strengthen the managerial and capital resources at Glencoe underscore our commitment to serving the needs of this market segment,” said James N. Stanard, RenRe’s Re’s Chairman, President and CEO in the announcement. He praised Ashley’s expertise and said his abilities would help “Glencoe to continue to be the state of the art company in the primary catastrophe exposed property business.”
“The additional capital commitment will expand Glencoe’s ability to meet demand in the primary property markets, as well as expand our assumed reinsurance and program business. It builds upon an already strong foundation, evidenced by A.M. Best’s recent upgrade of the company’s financial strength rating to A,” Stanard concluded.
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