RenaissanceRe has launched a new Irish domiciled property catastrophe bond fund, RenaissanceRe Medici UCITS Fund, a sub-fund of RenaissanceRe Medici ICAV (Medici UCITS).
The Medici UCITS fund, established under European regulation, offers European and global investors a gateway to RenaissanceRe’s proven catastrophe bond investment strategy.
The RenaissanceRe Capital Partners team will act as investment manager of the new fund. This will complement the company’s existing catastrophe bond fund, RenaissanceRe Medici Fund Ltd. (Medici).
UCITS and Medici share substantially similar investment guidelines and risk appetites, RenaissanceRe noted.
Ross Curtis, EVP, Chief Portfolio Officer of RenaissanceRe, commented: “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 $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
According to RenaissanceRe, Medici UCITS will not be consolidated into RenaissanceRe’s financial results.
The Central Bank of Ireland will regulate Medici UCITS, which will generate fee income. RenaissanceRe’s consolidated financial statements will reflect its co-investment at fair value.
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