Bermuda-based re/insurer PartnerRe Ltd. has formed Lorenz Re Ltd., a Special Purpose Insurer domiciled in Bermuda.
Lorenz Re was capitalized with $75 million through the issuance of multiple classes of preference shares. It will provide additional capacity to PartnerRe on a diversified portfolio of catastrophe reinsurance treaties over a multi-year period.
Costas Miranthis, President and Chief Executive Officer of PartnerRe said, “Lorenz Re allows us to provide additional capacity to a number of our clients while optimizing the deployment of our capital. Investors will benefit from PartnerRe’s twenty years of experience and expertise in the catastrophe market, as well as access to our diversified portfolio of catastrophe risks.”
Aon Benfield Securities, Inc. acted as advisor on the transaction. Prime Management Limited, a Bermuda company specializing in the administration of investment funds and special purpose insurance vehicles, will serve as the insurance manager of Lorenz Re.