PEMBROKE, Bermuda--(BUSINESS WIRE)--Jun. 1, 2009--
RenaissanceRe Holdings Ltd. (NYSE: RNR) today announced the formation
and funding of Timicuan Reinsurance II Ltd. (“Tim Re II”), a new Bermuda
reinsurance company, creating additional reinsurance capacity for the
Florida homeowners market for the current upcoming renewal season.
Renaissance Reinsurance Ltd. (“Renaissance Reinsurance”) has entered
into a fully-collateralized reinsurance agreement with Tim Re II, under
which Renaissance Reinsurance will cede to Tim Re II a defined portfolio
of its property catastrophe business, covering primarily hurricane risks
for Florida insurers during the 2009 hurricane season. Investors
capitalized Tim Re II with approximately $60 million of equity capital,
including $10 million invested by RenaissanceRe. Renaissance
Underwriting Managers, Ltd. will be the administrative manager of Tim Re
II.
RenaissanceRe worked with lead placement agent Aon Benfield Securities
in raising capital for Tim Re II.Willis Capital Markets & Advisory and
GC Securities also acted as placement agents for Tim Re II.
Neill A. Currie, Chief Executive Officer of RenaissanceRe Holdings Ltd.,
stated: “We are pleased to announce the closing of the Tim Re II
transaction. Despite difficult capital markets conditions, we have
worked with investors to deliver additional reinsurance capacity to the
Florida market. We are pleased both to serve our customers’ reinsurance
needs and to design a facility that allows investors to efficiently
invest in the Florida cat market.”
RenaissanceRe Holdings Ltd. is a global provider of reinsurance and
insurance. Our business consists of two segments: (1) Reinsurance, which
includes catastrophe reinsurance, specialty reinsurance and certain
joint ventures and other investments managed by our subsidiary
RenaissanceRe Ventures Ltd., and (2) Individual Risk business, which
includes primary insurance and quota share reinsurance.
Source: RenaissanceRe Holdings Ltd.
Investor:
RenaissanceRe Holdings Ltd.
Fred R. Donner,
441-295-4513
Executive Vice President
Chief Financial Officer
or
Media:
Kekst
and Company
David Lilly or Dawn Dover, 212-521-4800
