RenaissanceRe Launches New Property Catastrophe Bond Fund - Medici UCITS
RenaissanceRe (NYSE: RNR) has launched a new Irish-domiciled property catastrophe bond fund called RenaissanceRe Medici UCITS Fund. The fund launched with $340 million in total capital, including a $140 million co-investment from RenaissanceRe.
The new UCITS structure is designed to provide European and global investors access to RenaissanceRe's catastrophe bond investment strategy through a European-regulated framework. The fund shares similar investment guidelines and risk appetites with the existing RenaissanceRe Medici Fund
Managed by RenaissanceRe's Capital Partners team and regulated by the Central Bank of Ireland, Medici UCITS will generate fee income but will not be consolidated into RenaissanceRe's financial results. The company's co-investment will be reflected in consolidated financial statements at fair value.
RenaissanceRe (NYSE: RNR) ha lanciato un nuovo fondo di obbligazioni catastrofali immobiliari domiciliato in Irlanda chiamato RenaissanceRe Medici UCITS Fund. Il fondo è stato lanciato con un capitale totale di 340 milioni di dollari, inclusi 140 milioni di dollari di co-investimento da parte di RenaissanceRe.
La nuova struttura UCITS è progettata per fornire agli investitori europei e globali accesso alla strategia di investimento in obbligazioni catastrofali di RenaissanceRe attraverso un quadro normativo europeo. Il fondo condivide linee guida di investimento e appetiti al rischio simili a quelli dell'esistente RenaissanceRe Medici Fund.
Gestito dal team di Capital Partners di RenaissanceRe e regolato dalla Banca Centrale d'Irlanda, il Medici UCITS genererà entrate da commissioni ma non sarà consolidato nei risultati finanziari di RenaissanceRe. Il co-investimento dell'azienda sarà riflesso nei bilanci consolidati al valore equo.
RenaissanceRe (NYSE: RNR) ha lanzado un nuevo fondo de bonos de catástrofe de propiedad domiciliado en Irlanda llamado RenaissanceRe Medici UCITS Fund. El fondo se lanzó con un capital total de 340 millones de dólares, incluyendo 140 millones de dólares en co-inversión por parte de RenaissanceRe.
La nueva estructura UCITS está diseñada para proporcionar a los inversores europeos y globales acceso a la estrategia de inversión en bonos de catástrofe de RenaissanceRe a través de un marco regulado en Europa. El fondo comparte directrices de inversión y apetitos de riesgo similares a los del existente RenaissanceRe Medici Fund.
Gestionado por el equipo de Capital Partners de RenaissanceRe y regulado por el Banco Central de Irlanda, el Medici UCITS generará ingresos por comisiones pero no se consolidará en los resultados financieros de RenaissanceRe. La co-inversión de la empresa se reflejará en los estados financieros consolidados a valor razonable.
RenaissanceRe (NYSE: RNR)이 아일랜드에 본사를 둔 새로운 재난 채권 펀드인 RenaissanceRe Medici UCITS Fund를 출시했습니다. 이 펀드는 총 자본 3억 4천만 달러로 출범했으며, 이 중 1억 4천만 달러는 RenaissanceRe의 공동 투자입니다.
새로운 UCITS 구조는 유럽 및 글로벌 투자자들이 유럽 규제 프레임워크를 통해 RenaissanceRe의 재난 채권 투자 전략에 접근할 수 있도록 설계되었습니다. 이 펀드는 기존의 RenaissanceRe Medici Fund와 유사한 투자 지침과 위험 선호도를 공유합니다.
RenaissanceRe의 Capital Partners 팀이 관리하고 아일랜드 중앙은행의 규제를 받는 Medici UCITS는 수수료 수익을 창출하지만 RenaissanceRe의 재무 결과에 통합되지 않습니다. 회사의 공동 투자는 공정 가치로 통합 재무제표에 반영됩니다.
RenaissanceRe (NYSE: RNR) a lancé un nouveau fonds d'obligations de catastrophe immobilière domicilié en Irlande appelé RenaissanceRe Medici UCITS Fund. Le fonds a été lancé avec un capital total de 340 millions de dollars, dont 140 millions de dollars de co-investissement de RenaissanceRe.
La nouvelle structure UCITS est conçue pour offrir aux investisseurs européens et mondiaux un accès à la stratégie d'investissement en obligations de catastrophe de RenaissanceRe à travers un cadre réglementé en Europe. Le fonds partage des lignes directrices d'investissement et des appétits pour le risque similaires à ceux de l'existant RenaissanceRe Medici Fund.
Géré par l'équipe Capital Partners de RenaissanceRe et régulé par la Banque Centrale d'Irlande, le Medici UCITS générera des revenus de frais mais ne sera pas consolidé dans les résultats financiers de RenaissanceRe. Le co-investissement de l'entreprise sera reflété dans les états financiers consolidés à la valeur juste.
RenaissanceRe (NYSE: RNR) hat einen neuen in Irland ansässigen Katastrophenanleihenfonds mit dem Namen RenaissanceRe Medici UCITS Fund ins Leben gerufen. Der Fonds wurde mit einem Gesamtkapital von 340 Millionen Dollar gestartet, darunter 140 Millionen Dollar an Co-Investitionen von RenaissanceRe.
Die neue UCITS-Struktur soll europäischen und globalen Investoren den Zugang zur Katastrophenanleihen-Anlagestrategie von RenaissanceRe über einen europäisch regulierten Rahmen ermöglichen. Der Fonds teilt ähnliche Anlageleitlinien und Risikobereitschaften wie der bestehende RenaissanceRe Medici Fund.
Verwaltet vom Capital Partners-Team von RenaissanceRe und reguliert von der Zentralbank von Irland, wird der Medici UCITS Gebühreneinnahmen generieren, jedoch nicht in die finanziellen Ergebnisse von RenaissanceRe konsolidiert. Die Co-Investition des Unternehmens wird zum fairen Wert in den konsolidierten Finanzberichten ausgewiesen.
- New revenue stream through fee income generation
- $340M total capital raised at launch
- Geographic expansion into European markets
- Diversification of investment product offerings
- $140M capital commitment reduces available capital for other investments
Insights
RenaissanceRe's launch of the new Medici UCITS Fund represents a strategic expansion of its alternative capital management business, specifically targeting European investors seeking access to catastrophe bond markets. The fund has launched with
This development offers several positive elements for RenaissanceRe's business model: First, it creates a new revenue stream through fee income generation from the assets under management. Second, it expands the company's investor base geographically through the European-regulated UCITS structure. Third, it leverages RenaissanceRe's existing catastrophe bond expertise and 25-year track record in managing third-party capital without requiring significant new infrastructure.
The structure is notably efficient from a capital management perspective. Since the fund will not be consolidated into RenaissanceRe's financial results, the company can grow assets under management without adding the corresponding liabilities to its balance sheet. RenaissanceRe's own
This launch appears to be part of RenaissanceRe's broader strategy to diversify its business beyond traditional reinsurance underwriting while expanding its capital base. By creating complementary investment vehicles that serve different regulatory needs, RenaissanceRe is positioning itself to attract a wider range of capital partners while maintaining its core focus on catastrophe risk management.
PEMBROKE,
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.”
Medici UCITS launched with
About RenaissanceRe
RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching desirable risk with efficient capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, RenaissanceRe has offices in
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this Press Release, including any statements regarding any future results of operations and financial positions, business strategy, plan and any objectives for future operations, reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to numerous factors that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements, including the factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
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Investor Contact:
RenaissanceRe Holdings Ltd.
Keith McCue
Senior Vice President, Finance & Investor Relations
441-239-4830
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Hayden Kenny
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441-239-4946
Kekst CNC
Nicholas Capuano
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Source: RenaissanceRe Holdings Ltd.
FAQ
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