PartnerRe Ltd. has formed Lorenz Re Ltd., a special purpose insurer domiciled in Bermuda. PartnerRe said the vehicle provide additional capacity to PartnerRe on a diversified portfolio of catastrophe reinsurance treaties over a multi-year period.
Lorenz Re was capitalized with $75 million through the issuance of multiple classes of preference shares. It will.
Costas Miranthis, President and Chief Executive Officer of PartnerRe said that investors “will benefit from PartnerRe’s 20 years of experience and expertise in the catastrophe market, as well as access to our diversified portfolio of catastrophe risks.”
Aon Benfield Securities, Inc. was an advisor on the transaction.
Prime Management Limited, a Bermuda company specializing in the administration of investment funds and special purpose insurance vehicles, will serve as the insurance manager of Lorenz Re.