Ventures

Our Ventures unit has responsibility for managing our property catastrophe joint ventures such as DaVinci Re and Top Layer Re, executing customized reinsurance transactions to assume or cede risk, and managing certain investments directed at classes of risk other than catastrophe reinsurance. We also provide customized weather and energy risk management solutions to various customers on a worldwide basis.

Property Catastrophe Managed Joint Ventures

We actively manage two property catastrophe-oriented joint ventures - Top Layer Re and DaVinci Re - which allow us to leverage our access to business and our underwriting capabilities on a larger capital base. Renaissance Underwriting Managers acts as the exclusive underwriting manager for each of these 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.

Strategic Investments

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

Through RenRe Energy Advisors Ltd. (“REAL”), we provide risk management solutions to clients whose business is exposed to weather risks. We have expertise in the energy sector and seek to provide tailored financial solutions to clients in derivative or insurance form. Our products include weather derivatives, dual-trigger derivatives and other risk management products.

REAL has been an industry leader in weather risk management.  In 2010, we were ranked #1 for U.S. Weather Derivatives and #2 for European Weather Derivatives by Risk & Energy Risk Magazine. We were also awarded “Best Dealer – Weather Derivatives” for both U.S. and Europe by Environmental Finance. For more information, please visit: www.renre.com/energy.