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PEMBROKE, Bermuda--RenaissanceRe Holdings Ltd. has launched a so-called sidecar dedicated to providing reinsurance capacity for the Florida homeowners market.
The sidecar, Starbound Reinsurance II Ltd., will create approximately $375 million in reinsurance capacity for the Florida homeowners market, said Pembroke, Bermuda-based RenaissanceRe in a statement.
Sidecars are specific, limited-purpose companies that typically offer insurers and reinsurers quota share reinsurance contracts, under which they share the risks of certain policies with an underwriter in exchange for a portion of the premiums.
Starbound II was created through a fully collateralized quota-share retrocession agreement between Renaissance Reinsurance Ltd. and Starbound II, under which Renaissance Reinsurance will cede to Starbound II a certain percentage of its property excess-of-loss business--mainly covering hurricane risks for Florida homeowners.
Net proceeds of Starbound II's total capitalization will be deposited into trust accounts to collateralize Starbound II's obligations to Renaissance Reinsurance, among other things, the company said.
Merrill Lynch & Co. and Benfield Advisory Inc. assisted in the structuring and capital raising for Starbound II.
The company has appointed the Renaissance Underwriting Managers Ltd. unit as administrative manager of Starbound II.