Renaissance Reinsurance Ltd. announced the formation of Fibonacci Reinsurance Ltd., a special purpose insurer domiciled in Bermuda.
Fibonacci Re was formed to provide collateralized capacity to Renaissance Reinsurance, the principal Bermuda-based reinsurance subsidiary of RenaissanceRe Holdings Ltd.
Fibonacci Re, which has raised $140 million of capital from third party investors and RenaissanceRe Medici Fund Ltd., has issued participating notes which will be listed on the Bermuda Stock Exchange. This arrangement enables Renaissance Reinsurance to support its clients with additional property catastrophe reinsurance capacity.
Source: RenaissanceRe Holdings Ltd.
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