Bermuda’s Max Re Capital Ltd. announced that it has purchased $50 million worth of shares in DaVinci Re Holdings Ltd, and its operating subsidiary DaVinci Reinsurance Ltd. (DaVinci Re), the new Bermuda-based property catastrophe reinsurer, managed by Renaissance Underwriting Managers, Ltd., a subsidiary of RenaissanceRe.
Max Re joins RenRe and State Farm Mutual Automobile Insurance Company as a major investor in DaVinci Re, one of the first new Bermuda-based ventures to be announced after the Sept. 11 attacks with an initial capitalization of $500 million.
The company has already begun operations, underwriting mainly property catastrophe reinsurance. DaVinci Re’s financial strength and strong management earned it “A” ratings from A. M. Best and Standard & Poor’s, both of which expect it to achieve good results in the current reinsurance marketplace.
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