Bermuda-based RenaissanceRe and Dutch pension fund manager PGGM have established a new property catastrophe reinsurer, knows as Vermeer Reinsurance.

The new company, according to RenaissanceRe, will provide capacity focused on risk remote layers in the property catastrophe market in the US.

At the outset, Vermeer will be capitalised with $600m of equity from PGGM, while an additional $400m will be made available next year. PGGM will be the only investor in Vermeer.

To be licensed and regulated by the Bermuda Monetary Authority, Vermeer will be managed by Renaissance Underwriting Managers.

Renaissance Underwriting Managers president Aditya Dutt said: “We are proud to partner with a respected global leader in PGGM to create Vermeer. This continues RenaissanceRe’s 20-year track record of creating and managing joint ventures that match well-underwritten portfolios of risk to diverse sources of capital.”

PGGM senior director for credit and insurance linked investments Eveline Takken-Somers said: “Since 2014, we have focused on building strategic partnerships with top tier reinsurance companies to improve access to and selection of risk.

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“RenaissanceRe is a world leader in both reinsurance and the creation of joint venture vehicles and we look forward to the opportunities Vermeer will provide as PGGM continues to grow its insurance portfolio.”

With €215bn of assets under management, PGGM offers asset management, pension fund management, policy advice and management support to its institutional clients.