RenaissanceRe Holdings Ltd. announced the formation of RenaissanceRe Underwriting Managers U.S. LLC, a specialty reinsurance agency based in Connecticut, on Thursday.
The agency will support the growth of new products and services in the United States specialty market, RenaissanceRe said in a statement, explaining that the new unit, RenaissanceRe Underwriting Managers U.S., an indirect wholly-owned subsidiary of RenaissanceRe, will provide specialty treaty reinsurance solutions on both a quota-share and excess-of loss basis.
Initial classes of business include professional liability, general casualty and other specialty lines.
David Marra, Senior Vice President of RenaissanceRe Holdings Ltd. responsible for RenaissanceRe’s specialty business, will lead the initiative in addition to his current role in Bermuda.
The agency will write business on behalf of RenaissanceRe Specialty U.S. Ltd., an A.M. Best “A”-rated and Bermuda-domiciled reinsurer launched in June 2013, and RenaissanceRe Syndicate 1458, subject to Lloyd’s approval.
Kevin O’Donnell, President and CEO of RenaissanceRe Holdings Ltd., said the expansion of global reinsurance operations to the United States brings the reinsurer closer to specialty clients there. “RenaissanceRe Underwriting Managers U.S. will allow us to expand our market access to business that does not normally come to the Bermuda or Lloyd’s markets,” he said in the statement.
Source: RenaissanceRe Holdings Ltd.