PartnerRe, a provider of diversified reinsurance services, has established a new reinsurance sidecar facility, called Lorenz Re, to offer additional capacity to a number of its customers.
Capitalized with $75m through the issuance of multiple classes of preference shares, the Bermuda domiciled Special Purpose Insurer (SPI) will enable the company to provide additional capacity on a diversified portfolio of catastrophe reinsurance treaties over a multi-year period.
PartnerRe president and chief executive officer Costas Miranthis said the SPI facility will also optimize deployment of the company's capital.
''Investors will benefit from PartnerRe's twenty years of experience and expertise in the catastrophe market, as well as access to our diversified portfolio of catastrophe risks,'' Miranthis added.
The transaction was advised by Aon Benfield Securities, whereas Prime Management Limited will serve as the insurance manager of Lorenz Re.
Headquartered in, Hamilton, Bermuda, PartnerRe provides reinsurance solutions, such as property, casualty, catastrophe, energy, motor, specialty casualty, life, marine, health, longevity, specialty property, engineering and specialty casualty for global insurance and capital markets.
