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PEMBROKE, Bermuda—RenaissanceRe Holdings Ltd. on Friday said it would create a new Bermuda reinsurance sidecar to which it will cede a portfolio of Florida hurricane risks during the 2012 hurricane season.
The sidecar, Timicuan Reinsurance III Ltd., is capitalized at approximately $55 million and has a fully collateralized reinsurance agreement with Renaissance Reinsurance Ltd. and its subsidiary DaVinci Reinsurance Ltd.
“We are pleased to announce the formation of Tim Re III and continue our track record of working with the capital markets to provide additional reinsurance capacity,” said Renaissance Re Holdings CEO Neill A. Currie in a statement. “Through this endeavor, we are able both to serve our customers’ needs and design a facility that allows investors to invest efficiently in the Florida reinsurance market.”
Renaissance Re previously has formed other sidecars that covered Florida hurricane risks.