PEMBROKE, Bermuda--(BUSINESS WIRE)--Jan. 3, 2017--
Renaissance Reinsurance Ltd. (“Renaissance Reinsurance”) today announced
the formation of Fibonacci Reinsurance Ltd. (“Fibonacci Re”), a Special
Purpose Insurer domiciled in Bermuda. Fibonacci Re was formed to provide
collateralized capacity to Renaissance Reinsurance, the principal
Bermuda-based reinsurance subsidiary of RenaissanceRe Holdings Ltd.
(NYSE:RNR) (the “Company” or “RenaissanceRe”). Fibonacci Re,
which has raised $140m of capital from third party investors and
RenaissanceRe Medici Fund Ltd., has issued participating notes which
will be listed on the Bermuda Stock Exchange. This arrangement enables
Renaissance Reinsurance to support its clients with additional property
catastrophe reinsurance capacity.
This release is not an offer of securities for sale into the United
States or elsewhere. No securities may be offered or sold in the United
States absent registration or an exemption from, or in a transaction not
subject to, the registration requirements of the U.S. Securities Act of
1933, as amended.
RenaissanceRe Holdings Ltd. is a global provider of reinsurance and
insurance. The Company’s business consists of two reportable segments:
(1) Property, which is comprised of catastrophe reinsurance, including
certain property catastrophe joint ventures managed by our ventures
unit, and other property reinsurance and insurance and (2) Casualty and
Specialty, which is comprised of casualty and specialty reinsurance and
insurance and certain specialty joint ventures managed by our ventures
unit.
Cautionary Statement Regarding Forward Looking Statements
Any forward-looking statements made in this Press Release reflect
RenaissanceRe’s current views with respect to future events and
financial performance and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements are subject to numerous factors that could cause actual
results to differ materially from those set forth in or implied by such
forward-looking statements, including the following: the frequency and
severity of catastrophic and other events that the Company covers; the
effectiveness of the Company’s claims and claim expense reserving
process; the Company’s ability to maintain its financial strength
ratings; the effect of climate change on the Company’s business; the
effect of emerging claims and coverage issues; the Company’s reliance on
a small and decreasing number of reinsurance brokers and other
distribution services for the preponderance of its revenue; the
Company’s exposure to credit loss from counterparties in the normal
course of business; the effect of continued challenging economic
conditions throughout the world; continued soft reinsurance underwriting
market conditions; a contention by the Internal Revenue Service that
Renaissance Reinsurance Ltd., or any of the Company’s other Bermuda
subsidiaries, is subject to U.S. taxation; the performance of the
Company’s investment portfolio; the Company’s ability to successfully
implement its business strategies and initiatives; the Company’s ability
to retain key senior officers and to attract or retain the executives
and employees necessary to manage its business; the Company’s ability to
determine the impairments taken on investments; the availability of
retrocessional reinsurance on acceptable terms; the effect of inflation;
the adequacy of the Company’s ceding companies’ ability to assess the
risks they underwrite; the effect of operational risks, including system
or human failures; the Company’s ability to effectively manage capital
on behalf of investors in joint ventures or other entities it manages;
foreign currency exchange rate fluctuations; uncertainties related to
the vote in the United Kingdom to leave the European Union; the
Company’s ability to raise capital if necessary; the Company’s ability
to comply with covenants in its debt agreements; changes to the
regulatory systems under which the Company operates; challenges to the
claim of exemption from insurance regulation of RenaissanceRe and its
subsidiaries and increased global regulation of the insurance and
reinsurance industry; losses that the Company could face from terrorism,
political unrest or war; the Company’s dependence on the ability of its
operating subsidiaries to declare and pay dividends; the success of any
of the Company’s strategic investments or acquisitions, including the
Company’s ability to manage its operations as its product and
geographical diversity increases; the effect of cybersecurity risks,
including technology breaches or failure on the Company’s business;
aspects of the Company’s corporate structure that may discourage third
party takeovers or other transactions; the cyclical nature of the
reinsurance and insurance industries; adverse legislative developments
that reduce the size of the private markets the Company serves or impede
their future growth; regulatory or legislative changes adversely
impacting the Company; the effect on the Company’s business of the
highly competitive nature of its industry, including the effect of new
entrants to, competing products for and consolidation in the
(re)insurance industry; consolidation of customers or insurance and
reinsurance brokers; adverse tax developments, including potential
changes to the taxation of inter-company or related party transactions,
or changes to the tax treatment of investors in RenaissanceRe or joint
ventures or other entities the Company manages; changes in regulatory
regimes and/or accounting rules, including the European Union directive
concerning capital adequacy, risk management and regulatory reporting
for insurers; the Company’s need to make many estimates and judgments in
the preparation of its financial statements; and other factors affecting
future results disclosed in RenaissanceRe’s filings with the SEC,
including its Annual Reports on Form 10-K and Quarterly Reports on Form
10-Q.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170103005373/en/
Source: RenaissanceRe Holdings Ltd.
RenaissanceRe Holdings Ltd.
Investors:
Aditya Dutt,
441-239-4778
Senior Vice President, Treasurer
or
Media:
Elizabeth
Tillman, 212-238-9224
Director – Communications
or
Kekst
and Company
Peter Hill or Dawn Dover, 212-521-4800