PEMBROKE, Bermuda--(BUSINESS WIRE)--Jun. 1, 2012--
RenaissanceRe Holdings Ltd. (NYSE: RNR) today announced the formation
of Timicuan Reinsurance III Limited (“Tim Re III”), a
new Bermuda reinsurance company, creating additional reinsurance
capacity for the Florida homeowners market. Renaissance Reinsurance
Ltd. (“Renaissance Reinsurance”) and DaVinci Reinsurance Ltd.
(“DaVinci”) have entered into a fully-collateralized reinsurance
agreement with Tim Re III, under which Renaissance Reinsurance and
DaVinci will cede to Tim Re III a defined portfolio of their property
catastrophe business, covering primarily hurricane risks
for Florida insurers during the 2012 hurricane season. Investors
(including RenaissanceRe) have agreed to capitalize Tim Re III with
approximately $55 million of equity capital. Tim Re III will be managed
by Renaissance Underwriting Managers, Ltd.
Neill A. Currie, Chief Executive Officer of RenaissanceRe Holdings Ltd.,
stated: “We are pleased to announce the formation of Tim Re III and
continue our track record of working with the capital markets to provide
additional reinsurance capacity. Through this endeavor, we are able both
to serve our customers’ needs and design a facility that allows
investors to invest efficiently in the Florida reinsurance market.”
RenaissanceRe Holdings Ltd. is a global provider of reinsurance and
insurance. The Company’s business consists of three segments: (1)
Reinsurance, which includes catastrophe reinsurance, specialty
reinsurance and certain property catastrophe and specialty joint
ventures, managed by the Company’s ventures unit, (2) Lloyd’s, which
includes reinsurance and insurance business written through
RenaissanceRe Syndicate 1458, and (3) Insurance, which principally
includes the Company’s Bermuda-based insurance operations.
Source: RenaissanceRe Holdings Ltd.
Investor:
RenaissanceRe Holdings Ltd.
Rohan Pai, 441-295-4513
Director
of Investor Relations
or
Media:
Kekst and Company
Peter
Hill or Dawn Dover, 212-521-4800