PartnerRe, the Bermuda headquartered reinsurance company, ceded far less in risk to its Lorenz Re Ltd.special purpose insurer in 2025, with reductions in recent years signalling a change in strategy and shift to utilise other structures for its insurance-linked securities investor relationships.PartnerRe helps investors access returns from its reinsurance underwriting business through its PartnerRe Capital Management division, which manages capital on behalf of third-party investors and deploys it to reinsurance opportunities in both aligned and more direct opportunities.In the past, Lorenz Re was the main ILS structure that PartnerRe utilised for its work with third-party investors, with the reinsurer having ceded as much as .

Since then, the cessions had begun to slow somewhat and over the last year have reduced by more than half.Lorenz Re is a special purpose insurance company, registered as a segregated accounts vehicle in Bermuda, which .The structure has been used as a kind of private collateralized reinsurance sidecar for a number of years, entering into private quota share deals with ILS investors.

In 2023, PartnerRe ceded $529 million of its written premiums to Lorenz Re, but then it declined to $392 million in 2024.For full-year 2025, PartnerRe has reported ceding only $155 million of its written premiums to the segregated cells of Lorenz Re.So a relatively meaningful decline over recent years that seemingly accelerated in 2025.

The decline is also evident through PartnerRe’s reporting of the size of the reinsurance recoverable it accounts for from the segregated cells of Lorenz Re.That reinsurance recoverable attributable to Lorenz Re stood as high as $921 million at the end of 2022, but began to fall to first $767 million at the end of 2023, then $666 million at the end of 2024.Now, as of December 31st 2025, PartnerRe reports its reinsurance recoverable from the Lorenz Re ILS structure as having shrunk to just $445 million.

While use of the Lorenz Re structure remains it has certainly reduced meaningfully over the last few years.But PartnerRe continues to have an active third-party capital management strategy, with other structures now seemingly coming into force.As we reported towards the end of 2025, .

.In addition, the reinsurer also has .The PartnerRe ILS Fund offers a different kind of access point for third-party investors, we understand.

More of a typical fund structure that works better for many allocators to ILS and reinsurance, compared to private quota shares which were the more typical domain of Lorenz (we understood).So, it seems PartnerRe Capital Management has been adjusting its strategy over-time, to enable larger partnerships with major investors, while also broadening the range of access points for investors that want to benefit from its origination and underwriting returns..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.

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