Sidecars

RenRe said it had “ample dry powder” even after fully deploying its $1.1bn 2020 capital raise.

With $850mn assets under advisory, the firm is part of a larger company that includes a reinsurer and fintech firm.

RenRe boosted its stake in DaVinci to 29% after buying $119mn of shares from third parties.

The arrangement grants the carrier access to different capital pools, the CEO said at the Insider London event on Tuesday.

The sector has received a post-Covid boost heading into January, with strong interest in liquid cat bonds, but challenges around structures, pandemic exposures and lifting ESG commitments will remain.

The company expects reinsurance to provide 78% of its $2.5bn gross written premium target.

Oaktree Capital is understood to be the institutional investor behind the "permanent capital" retro carrier.

The retro and specialty vehicle launch comes as PartnerRe expands in retro and ILS.

The new capacity for the sidecar first launched in 2019 will be invested solely in EBRD bonds.

The reinsurer raised $16mn from a new sidecar issuance.

Affirmative cyber risks could be the next systemic risk the ILS market takes on, the executive suggests.

Specialist AuM rose 3% over the half year to 1 January, with Leadenhall, Fermat and Hudson Structured the biggest gainers.