RenRe venture Fontana Re secures AM Best rating
AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) to Fontana Reinsurance and an FSR of A (Excellent) to Fontana Reinsurance US. The outlook assigned to these ratings is stable. Both companies are domiciled in Hamilton, Bermuda.
Both Fontana Re and Fontana Re US are owned by Fontana Holdings, a joint venture between RenaissanceRe and various third-party capital partners. It represents RenaissanceRe’s first joint venture focused on casualty and specialty risk. Fontana will be managed solely by Renaissance Underwriting Managers and is expected to be consolidated into RenaissanceRe’s financial statements.
Fontana has $475 million in committed capital and has assumed a whole account quota share of RenaissanceRe’s casualty and specialty book.
The ratings of Fontana Re reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and very strong enterprise risk management (ERM).
The ratings of Fontana Re US reflects its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and very strong ERM.
