PGGM added $355m to Vermeer Re investment in 2019, to hit target $1bn cap

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PGGM, the Dutch pension fund investment manager and the largest investor in the insurance-linked securities (ILS) space, made good on its option to upsize its allocation to Vermeer Reinsurance Ltd., the joint-venture vehicle that is managed by RenaissanceRe, taking Vermeer’s total capitalisation to over $1 billion in 2019.

Vermeer Reinsurance Ltd. (Vermeer Re) was launched in time for the January 2019 reinsurance renewals, as RenaissanceRe (RenRe) teamed up with long-time insurance-linked securities (ILS) institutional investor PGGM to launch the first managed and ‘A’ rated reinsurance vehicle for a single pension fund investor.

Vermeer Re began life with an initial capitalisation of $600 million, funded by PGGM on behalf of one of the pensions it administers, the Dutch healthcare and social welfare sector’s PFZW pension.

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