RenRe sets up new $140mn sidecar

RenaissanceRe has set up a new $140mn reinsurance sidecar dubbed
Fibonacci Re, which will write property catastrophe business.
Sister publication Trading Risk
reported earlier today that the $140mn Fibonacci Re vehicle was
established in Bermuda in late December.The reinsurer subsequently disclosed its role in the
transaction. Fibonacci's capital was raised from third-party
investors and the company's own $169mn Medici cat bond
fund.
RenaissanceRe typically invests significant capital in its own