PartnerRe Ltd. has formed Lorenz Re Ltd., a special purpose insurer domiciled in Bermuda. Lorenz Re was capitalized with $75 million through the issuance of multiple classes of preference shares. Partner Re said that Lorenz Re will provide additional capacity to PartnerRe on a diversified portfolio of catastrophe reinsurance treaties over a multi-year period.
Costas Miranthis, president and chief executive officer of PartnerRe said, “Lorenz Re allows us to provide additional capacity to a number of our clients while optimizing the deployment of our capital. Investors will benefit from PartnerRe's 20 years of experience and expertise in the catastrophe market, as well as access to our diversified portfolio of catastrophe risks.”
Aon Benfield Securities, Inc., acted as advisor on the transaction. Prime Management Limited, a Bermuda company specializing in the administration of investment funds and special purpose insurance vehicles, will serve as the insurance manager of Lorenz Re.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].