RenaissanceRe’s Capital Partners division saw its third-party investor capital under management surpass the $8 billion milestone for the first time ever, reaching $8.09 billion at June 303th 2025, which represents an increase of $940 million or 13% over the prior twelve months.
Notably, third-party investor capital under management across the range of RenRe joint-venture vehicles and ILS funds has now almost doubled since the end of 2018, with relatively consistent growth each year since.
RenaissanceRe Capital Partners, the company’s unit that manages third-party reinsurance capital structures, as well as catastrophe bond and insurance-linked security (ILS) funds for investors, has been steadily growing its assets and has become a very important driver of income for the reinsurer.
One year ago at June 30th 2024, AUM at RenRe Capital Partners stood at $7.15 billion, which then rose to $7.71 billion by the end of the year.
At January 1st 2025, the third-party capital AUM figure had increased slightly to $7.81 billion, then rose a little further to $7.94 billion at March 31st and has now jumped to break the $8 billion barrier, ending the first-half of 2025 at $8.09 billion.
The growth in the last year has largely come from the reinsurance joint-venture vehicles, with the third-party investor backed DaVinciRe reinsurance sidecar-like joint-venture structure being the most significant source of AUM growth for RenaissanceRe.
DaVinciRe has expanded its third-party capital base by an impressive $600 million over the year to June 30th 2025, ending the period at $3.51 billion.
Meanwhile, Vermeer Re, the rated reinsurance company backed by capital from significant ILS investor PGGM, the Dutch pension investment manager, has grown from just under $1.5 billion in equity, to now $1.75 billion as of the mid-year, increasing its stature in the reinsurance market and ability to source risk for its backers.
After that, catastrophe bond fund strategies grew by $130 million over the last year, with a slight shrinking of the Medici Fund as the new UCITS strategy, the RenaissanceRe Medici UCITS Fund, came into operation and grew to $230 million of third-party capital.
The Fontana casualty and specialty lines joint-venture vehicle grew by $100 million in the period as well, to reach $550 million of third-party assets.
Most of the RenaissanceRe JV’s and ILS funds also has capital committed to them by the company as well and overall, across the range of structures, RenRe has $1.59 billion invested, which takes total P&C focused capital managed by the company across these entities to $9.68 billion, which is a new high and up $1.18 billion, or 14%, from $8.5 billion one year ago.
It’s worth also remembering that RenRe has a further $4 billion of partner capital managed under the Top Layer Re reinsurance vehicle, which is its joint-venture with US insurance giant State Farm.
Which gives RenRe $13.68 billion of additional underwriting power, across the range of JV’s, ILS funds, Top Layer Re and its own investment commitments, a meaningful addition to its own $10.8 billion of shareholders’ equity (at June 30th 2025).
As we reported just yesterday, these structures are driving meaningful fee income for RenaissanceRe and the run-rate of this fee income has more than doubled since the start of 2023.
RenRe reported earning $95 million of fee income from its third-party capital management and ILS fund business just in the second-quarter of 2025, while for full-year 2024 the figure reached $326.8 million.
These figures drive home the increasingly important role that third-party investor capital managed in reinsurance joint-ventures and ILS funds plays in RenRe’s overall business strategy.
View information on many dedicated ILS fund managers, as well as reinsurers offering ILS style investment opportunities, such as RenaissanceRe, in our Insurance-Linked Securities Investment Managers & Funds Directory.
