RenaissanceRe forms Upsilon Reinsurance II RenaissanceRe Holdings Ltd announced the formation of Upsilon Reinsurance II, a new Bermuda domiciled special purpose insurance vehicle, creating additional reinsurance capacity for the worldwide aggregate retrocessional reinsurance market. Investors have capitalized Upsilon Re II and $185M of fully-collateralized reinsurance limit has been deployed. Upsilon Re II is managed by Renaissance Underwriting Managers. Upsilon Re II may raise additional capital and provide additional fully-collateralized reinsurance capacity if market opportunities exist.
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