RenaissanceRe Holdings Ltd. has announced the formation of Upsilon Reinsurance II Ltd., or Upsilon Re II, a new Bermuda domiciled special purpose insurance vehicle, creating additional reinsurance capacity for the worldwide aggregate retrocessional reinsurance market.
Investors (including RenaissanceRe) have capitalized Upsilon Re II and $185 million of fully-collateralized reinsurance limit has been deployed. Upsilon Re II is managed by Renaissance Underwriting Managers, Ltd. Upsilon Re II may raise additional capital and provide additional fully-collateralized reinsurance capacity if market opportunities exist.
Neill Currie, CEO of RenaissanceRe Holdings Ltd., stated: "We are pleased to announce the formation of Upsilon Re II to serve our retrocessional clients worldwide and continue our track record of providing our clients with appropriate capital.
"Through this endeavor, we are able to both serve our clients' needs and design a facility that allows investors to efficiently participate in the retrocessional reinsurance market."