RENAISSANCERE ESTABLISHES SPECIAL PURPOSE INSURER FIBONACCI RE

Bermudian insurer and reinsurer RenaissanceRe Holdings has created Fibonacci Reinsurance as a special purpose insurer in Bermuda to provide collateralised capacity for its Renaissance Reinsurance operating unit. The new sidecar arrangement will enable RenRe to support its clients with additional property catastrophe reinsurance capacity. Fibonacci Re, which was registered in November, is being launched with $140m in capital from third-party investors and RenaissanceRe Medici Fund. A $140m tranche of Fibonacci Reinsurance Series 2017-1 Class A notes due January 10, 2018 is being listed on the Bermuda Stock Exchange.