RenaissanceRe has established a new sidecar Timicuan Reinsurance (Tim Re) III, to take a portion of the Florida homeowners' business written by the Bermudian reinsurer that incepts today (1 June).
Timicuan has been capitalised with $55mn from various investors, including RenRe.
The unit will write an unspecified quota share of the property cat books of RenRe and permanent sidecar DaVinci Re, primarily taking on Floridian risk. The vehicle is fully collateralised.
RenRe established the first Tim Re in 2006 with...
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