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According to RenaissanceRe’s CEO Kevin O’Donnell, with the acquisition of AIG’s reinsurance businesses under the Validus brand now complete, the insurer remains on-track to invest $500 million into two of the RenaissanceRe Capital Partners vehicles.
AIG also made a substantial investment in DaVinciRe, a sidecar structure similar to that of AlphaCat ILS. It also invested heavily in Fonatana Holdings, a joint venture for casualty insurance and specialties.
A $500-million investment, no matter how it’s split, will help AIG continue to reap the benefits of reinsurance returns, even if they don’t have their own underwriting vehicles on that market after the sale.
Speaking during the RenaissanceRe earnings call yesterday, CEO Kevin O’Donnell said everything is on-track.
“Moving now to our ILS business, it was a quiet quarter in Capital Partners, as we continue to prepare for the Validus integration. Validus is a great asset for us. It will help us grow our business.