PartnerRe establishes new companion facility, Lorenz Re

PartnerRe Ltd. has formed Lorenz Re Ltd., a special purpose insurer domiciled in Bermuda, to provide the global reinsurer additional capacity on a diversified portfolio of catastrophe reinsurance treaties over a multi-year period.

Lorenz Re was capitalized with $75 million through the issuance of multiple classes of preference shares, PartnerRe notes in a statement this week.

“Lorenz Re allows us to provide additional capacity to a number of our clients while optimizing the deployment of our capital,” Costas Miranthis, president and CEO of PartnerRe, says in the statement.

Aon Benfield Securities, Inc. acted as advisor on the transaction, while Bermuda-based Prime Management Limited will serve as the insurance manager of Lorenz Re, the statement adds.