Bermuda-based RenaissanceRe has announced it has created a new sidecar that will create additional reinsurance capacity for their property catastrophe business, covering primarily hurricane risks for Florida insurers during the 2012 hurricane season.The sidecar, Timicuan Reinsurance III Ltd. (Tim Re III), is capitalised at approximately $55 million and has a fully collateralised reinsurance agreement with Renaissance Reinsurance Ltd. and its subsidiary DaVinci Reinsurance Ltd.“We are pleased to announce the formation of Tim Re III and continue our track record of working with the capital markets to provide additional reinsurance capacity,” said Renaissance Re Holdings CEO Neill A. Currie. “Through this endeavour, we are able both to serve our customers’ needs and design a facility that allows investors to invest efficiently in the Florida reinsurance market.”Renaissance Re previously has formed other sidecars that covered Florida hurricane risks. Tim Re III will be managed by Renaissance Underwriting Managers, Ltd.