RenaissanceRe Holdings Ltd. has formed Upsilon Reinsurance II Ltd., a special-purpose insurance vehicle, creating additional reinsurance capacity for the aggregate retrocessional reinsurance market. RenaissanceRe says investors 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.
RenaissanceRe Holdings is a provider of reinsurance and insurance, and says its business consists of reinsurance—catastrophe reinsurance, specialty reinsurance and certain property catastrophe and specialty joint ventures; Lloyd’s—reinsurance and insurance business written through RenaissanceRe Syndicate 1458; and insurance—the company’s insurance operations.
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