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AIG has made good on their promise to invest in some of the joint-venture third-party capital-backed reinsurance vehicles operated by RenaissanceRe, at the beginning of 2024. A total of $350m was allocated to two structures.
The move was on the cards as a result of an agreement reached as part of RenaissanceRe’s acquisition of AIG’s reinsurance businesses under the Validus brand.
As we explained, AIG was set to invest up to $500 million into third-party capital and joint-venture vehicles run by RenaissanceRe’s Capital Partners unit.
The investment is expected to be made in the joint ventures Fonatana Holdings and DaVinci Re, which are both casualty- and specialty-focused joint ventures.
We later reported that RenaissanceRe (RenRe) CEO Kevin O’Donnell had said in November 2023 that this $500 million investment was still expected and at that time was on-track.
O’Donnell said the investments were “expected to be facilitated through a combination of partially selling down our shares and injecting new capital to support growth.”
Now that it’s…