2 April 2013ILS

PartnerRe establishes 'companion' SPI

PartnerRe announced this week that it has established Lorenz Re, a Bermuda-domiciled “companion facility” special purpose insurer to provide additional capacity on a diversified portfolio of catastrophe reinsurance treaties over a multi-year period.

Lorenz Re was capitalized with $75 million through the issuance of multiple classes of preference shares. Aon Benfield Securities acted as advisor onthe transaction. Lorenz Re will be managed by Prime Management Limited, a Bermuda company specialising in the administration of investment funds and special purpose insurance vehicles.

Costas Miranthas, president and CEO of Partner Re, commented: “Lorenz Re allows us to provide additional capacity to a number of our clients while optimising the deployment of our 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.”

This news comes in the same week that PartnerRe announced the appointment of Laurie Desmet as chief operations officer, group.