RenaissanceRe forms new sidecar

RenaissanceRe has announced the formation of a new sidecar, called Timicuan Re III.

The side-car has been formed to add additional capacity to the Florida homeowners market.

Renaissance Reinsurance and DaVinci will cede to Tim Re III a defined portfolio of their property catastrophe business, covering primarily hurricane risks for Florida insurers during the 2012 hurricane season.

“We are pleased to announce the formation of Tim Re III and continue our track record of working with the capital markets to provide additional reinsurance capacity,” said Neill A. Currie, chief executive officer of RenaissanceRe Holdings.

“Through this endeavor, we are able both to serve our customers’ needs and design a facility that allows investors to invest efficiently in the Florida reinsurance market.”