Insurance Post

Overseas Partners in joint venture with RenaissanceRe

Bermudian reinsurer Overseas Partners Cat (OPCat) has entered into a joint venture with RenaissanceRe...

Bermudian reinsurer Overseas Partners Cat (OPCat) has entered into a joint venture with RenaissanceRe to underwrite worldwide property catastrophe reinsurance.
The agreement makes RenaissanceRe the exclusive underwriter for OPCat, which has been capitalised with $400m.
Scott Davis, president and chief executive of Overseas Partners said: "This partnership will give us preferred access to the property catastrophe marketplace and provide us with an opportunity to further diversify our portfolio of insurance risk."
James Stanard, chairman, president and chief executive of RenaissanceRe said: "This combination will enable RenaissanceRe to offer significant additional capacity to programmes that we currently underwrite as well as providing support for new programmes."
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