PembrokeRe has formed Lorenz Re, a new companion facility to provide additional capacity to PembrokeRe on a diversified portfolio of catastrophe reinsurance treaties.
Bermuda based Lorenz Re was capitalised with $75 million through the issuance of multiple classes of preferred shares.
Aon Benfield Securities acted as advisor on the transaction. Prime Management, a Bermuda company specialising in the administration of special purpose insurance vehicles, will serves as the insurance manager of Lorenz Re.
Costas Miranthis, president and CEO of PartnerRe, said: “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.”
