RENRE EXTENDS MATURITY ON $20M OF FIBONACCI RE NOTES

Bermudian re/insurer RenaissanceRe Holdings is allowing $50m of its Fibonacci Re 2018-1 insurance-linked securities offering to mature on schedule in January but is extending the maturity on the remaining $20m of notes until April 10 owing to continuing loss development on 2018 catastrophes, Artemis.bm has reported. The California wildfires are likely the event to prompt the extension, Artemis said. The maturity date on the $3.3m in notes remaining from Fibonacci Re’s $140m 2017 offering has also been extended to April 10 following extensions in January, April, July and October 2018. RenRe allowed the $125m Fibonacci Re 2018-2 issuance to mature as scheduled on December 20.