RenaissanceRe has confirmed it set up the $140mn Fibonacci Re vehicle, which was established in Bermuda in late December, to provide it with more property catastrophe capacity.
Fibonacci's capital was raised from third-party investors and the company's own $169mn Medici cat bond fund.
The carrier already runs a number of other third-party capital vehicles, but the existing facilities are all market facing - in other words, they write business in their own names. In contrast, Fibonacci's capacity will stand behind...
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