Having launched its first UCITS compliant property catastrophe bond fund strategy earlier this year, the RenaissanceRe Medici UCITS Fund, the reinsurance company had grown the fund to almost $400 million in net assets by the end of the third-quarter of 2025.RenaissanceRe, the global reinsurer and third-party capital manager The Medici UCITS cat bond fund strategy began its operations with an initial $340 million of capital committed to the fund.It represents RenaissanceRe’s first purpose-built strategy that offers European and other global investors an access point to the existing Medici catastrophe bond investment strategy in a dedicated European-regulated UCITS structure.At its launch, the Medici UCITS cat bond fund had $340 million of capital, consisting of existing capital from its partners that transferred from the main Medici strategy, new partner capital and a $140 million co-investment from RenaissanceRe (meaning $200 million was from third-party investors).

Now, as of September 30th 2025, the RenaissanceRe Medici UCITS Fund has increased its net assets to $398.3 million, so is likely to have surpassed $400 million by now just with retained coupon earnings, while any further investor flows may have grown the fund further.Of this, RenRe now contributes $151 million as of September 30th, which indicates that third-party investor capital in the Medici UCITS cat bond fund has increased to around $247.3 million.It’s slow and steady growth for the strategy, understandable given the Atlantic hurricane season is not a usual time when investors make new cat bond fund allocations.

But there is also some evidence of what the launch has meant for RenRe as well.The launch of the first UCITS cat bond fund strategy from RenaissanceRe has started to deliver income benefits to the reinsurer.The company had earned $7.5 million of net income in the third-quarter of the year and $11 million during the fund’s lifetime so far, from the Medici UCITS strategy.

It will be interesting to see how the strategy grows over the coming months, as catastrophe bond issuance increases and we move into a more typical period for capital raising..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.

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