RenaissanceRe Holdings Ltd. announced the launch of an Irish-domiciled property catastrophe bond fund, RenaissanceRe Medici UCITS Fund (Medici UCITS).
A sub-fund of RenaissanceRe Medici ICAV, Medici UCITS is purpose-built to provide European and other global investors with access to RenaissanceRe’s catastrophe bond investment strategy through a dedicated European-regulated UCITS structure.
RenaissanceRe’s Capital Partners team serves as the investment manager for the new fund, which is intended to complement the company’s existing catastrophe bond fund, RenaissanceRe Medici Fund Ltd. Medici UCITS and Medici share substantially similar investment guidelines and risk appetites.
“The launch of Medici UCITS reflects the continuing global growth and diversification of RenaissanceRe, furthering our mission to match desirable risk with owned and partner capital,” commented Ross Curtis, EVP, chief portfolio officer of RenaissanceRe. “We are proud to bring a new fund to our third-party investors while providing needed protection to our clients.”
“At RenaissanceRe, we pride ourselves on our 25-year track record of managing third-party capital and the trusted relationships we have built with our investors over this time,” said Christopher Parry, SVP, global head of Capital Partners.
“Medici UCITS, the latest in our full suite of offerings, provides our European partners with expanded access to the attractive catastrophe bond market in a structure that meets their needs. We look forward to bringing the same risk expertise and proprietary tools of our Medici portfolio management team to investors in this fund,” Parry added.
Medici UCITS will not be consolidated into RenaissanceRe’s financial results. Medici UCITS will generate fee income and RenaissanceRe’s co-investment will be reflected in RenaissanceRe’s consolidated financial statements at fair value. Medici UCITS is regulated by the Central Bank of Ireland.
About RenaissanceRe
RenaissanceRe is a global provider of re/insurance that provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, RenaissanceRe has offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the United Kingdom and the United States.
Source: RenaissanceRe Holdings
Topics Catastrophe New Markets Property
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