RenRe’s third-party capital AUM surpasses $8bn for first time, up $940m in last year

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.

It’s the first time that Bermudian reinsurer RenaissanceRe has had more than $8 billion in third-party assets under management (AUM) across its range of reinsurance joint-venture vehicles and insurance-linked securities (ILS) funds.

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.

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