RenRe Launches Catastrophe Bond Fund
RenaissanceRe announced the launch of a new Irish domiciled property catastrophe bond fund, RenaissanceRe Medici UCITS Fund, a sub-fund of RenaissanceRe Medici ICAV
A spokesperson said, “Medici UCITS is purpose-built to provide European and other global investors with access to RenaissanceRe’s successful 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]. Medici UCITS and Medici share substantially similar investment guidelines and risk appetites.”
Ross Curtis, EVP, Chief Portfolio Officer of RenaissanceRe, said, “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. We are proud to bring a new fund to our third-party investors while providing needed protection to our clients.”
Christopher Parry, SVP, Global Head of Capital Partners, said, “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. 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.”
The spokesperson said, “Medici UCITS launched with $340 million in total capital, made up of a combination of primarily existing partner capital, new partner capital and a $140 million co-investment from RenaissanceRe. 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.”
