Property Catastrophe Managed Joint Ventures
- DaVinci Re was established in 2001 and principally writes property catastrophe reinsurance and certain low frequency, high severity specialty reinsurance lines of business on a global basis. Our ownership in DaVinci Re was 44% at December 31, 2010. DaVinci Re writes companion layers to Renaissance Reinsurance Ltd. and provides separately rated security to our clients. It is rated “A” by AM Best and “A+” by S&P for financial strength.
- Top Layer Re writes high excess non-U.S. property catastrophe reinsurance. Top Layer Re is owned 50% by State Farm and 50% by Renaissance Reinsurance Ltd. Top Layer Re is rated “A+” by AM Best and “AA” by S&P.
Our Ventures team works on a range of other customized reinsurance transactions and we have participated in and continuously analyze other attractive opportunities in the market for insurance-linked securities and derivatives. Our products contain a number of customized features designed to fit the needs of our partners. In the past, we have created short-term customized reinsurance vehicles such as Starbound I and II and Timicuan I and II to provide limited term capacity to our property catastrophe reinsurance clients.
We pursue strategic investments where, rather than assuming exclusive management responsibilities, we partner with other investors and proven management teams. These investments are directed at classes of risk other than catastrophe, and at times may also be directed at non-insurance risks. Examples of these investments include our investments in Tower Hill Insurance Group, the Essent Group, Angus Partners and Pricelock.
Weather and Energy Risk Management Operations