RenaissanceRe has unveiled a casualty and specialty joint venture, Fontana Holdings, which has launched with $375m of capital.
RenaissanceRe is a global provider of reinsurance and insurance that specialises in matching well-structured risks with efficient sources of capital.
Fontana launched with $475m of capital and targets institutional investors, who contributed $325m, with the remaining capital coming from RenaissanceRe. Fontana assumed a whole account quota share of RenaissanceRe’s global casualty and specialty book of business, including the credit portfolio, with the opportunity to raise additional capital and increase in scale over time.
Kevin J. O’Donnell, president and CEO of RenaissanceRe, said, “Fontana builds on our long legacy of innovation in matching desirable risk with owned and partner capital. We are proud to invest alongside several highly respected institutional investors and believe that they will benefit from our deep expertise in underwriting casualty and specialty risks.We also believe that Fontana will enhance shareholder value by providing a steady source of fee income while enhancing our gross-to-net strategy.”
Copyright © 2022 FinTech Global
