RenaissanceRe Holdings confirmed the sale of $50 million worth of its shares in DaVinci Re to Max Re (See IJ Website Jan.9) and $25 million to “another investor;” it also indicated that it expects to raise an additional $25 million through the sale of shares in the next two weeks.
“Following completion of these sales, Renaissance will have invested $100 million in equity and $100 million in bridge debt in DaVinci, and other investors will have invested $300 million in equity, said the announcement. The other major investor, State farm Mutual Automobile Insurance Company, has invested $200 million in DaVinci.
The company, one of a number of new, Bermuda-based, global property catastrophe reinsurers, is managed by Renaissance Underwriting Managers. It was launched on November 15, and has been given initial financial strength ratings of “A” from both A.M. Best and Standard & Poor’s.
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