RenaissanceRe, the Bermudian international reinsurer, has lifted its third-party investor capital beneath administration in reinsurance joint-ventures and insurance-linked securities (ILS) funds managed by RenRe’s Capital Companions division to a brand new finish of quarter excessive of $7.72 billion.
At September thirtieth 2024, the third-party investor contribution to the vary of reinsurance JV constructions and ILS funds that RenaissanceRe Capital Companions manages had elevated by approaching $1 billion, being up simply over 14%, over the prior twelve months.
Once we final reported on the funding administration division’s third-party belongings beneath administration (AUM) the total had reached $7.15 billion at the mid-way point of 2024.
So, the third-party capital beneath administration determine has risen by $570 million over the third-quarter of this 12 months, with DaVinci and Vermeer Re the 2 essential drivers of this additional enlargement.
Actually, these two reinsurance joint-ventures accounted for $450 million of the third-quarter improve, information from the reinsurer exhibits.
Whereas the capital beneath administration has been rising, RenaissanceRe has additionally been delivering enticing income to the buyers within the vary of reinsurance JV’s and ILS funds.
As we reported after the reinsurers’ third-quarter outcomes have been introduced, the company reported delivering a significant $450.2 million to third-party investors in the period, while at the same time RenRe’s fee income earned was up more than 27%.
The quantity of capital RenRe co-invests within the reinsurance and ILS constructions additionally rose throughout Q3, by $180 million, taking it to $1.53 billion throughout the vary.
Because of this, the whole firepower of the reinsurance joint-ventures and ILS funds managed by RenaissanceRe Capital Companions reached $9.26 billion, the primary time it has surpassed $9 billion on the finish of any quarter.
Whereas RenRe’s personal shareholder fairness stood at $11.24 billion at September thirtieth, when you add within the $4 billion Prime Layer Re to the opposite JV’s and ILS automobiles, the whole accomplice capital AUM at RenRe had reached $13.26 billion, underscoring the significance of those methods to the corporate.
With $7.72 billion in third-party capital throughout its vary of joint-venture reinsurers and ILS funds at September thirtieth 2024, RenaissanceRe stays one of many largest managers of assets in the ILS market.
View data on many devoted ILS fund managers, in addition to reinsurers providing ILS model funding alternatives, akin to RenaissanceRe, in our Insurance-Linked Securities Investment Managers & Funds Directory.
