Bermudian-based RenaissanceRe Holdings Ltd has launched a new Irish-domiciled property catastrophe bond fund.

The company said RenaissanceRe Medici UCITS Fund is a sub-fund of RenaissanceRe Medici ICAV.

It said Medici UCITS is purpose-built to provide European and other global investors with access to RenaissanceRe’s successful catastrophe bond investment strategy through a dedicated European-regulated UCITS structure.

RenaissanceRe’s Capital Partners team serves as the investment manager for the new fund, which is intended to complement the company’s existing catastrophe bond fund, RenaissanceRe Medici Fund Ltd. Medici UCITS and Medici share substantially similar investment guidelines and risk appetites.

Ross Curtis, EVP, chief portfolio officer of RenaissanceRe, said: “The launch of Medici UCITS reflects the continuing global growth and diversification of RenaissanceRe, furthering our mission to match desirable risk with owned and partner capital. We are proud to bring a new fund to our third-party investors while providing needed protection to our clients.”

The company said Medici UCITS launched with $340 million in total capital, made up of a combination of primarily existing partner capital, new partner capital and a $140 million co-investment from RenaissanceRe.

The new bond fund is regulated by the Central Bank of Ireland.