Filings show that RenaissanceRe’s recently established Stratos Fund catastrophe bond strategy is an investment vehicle for a single institutional investor, with this managed account seemingly representing the interests of an allocator that has switched to a fund-of-one from the co-mingled Medici cat bond fund strategy.
As we explained, the Stratos Fund is a segregated account that is separately managed within the RenaissanceRe Upsilon Fund Ltd. structure, set up by the company to have a focus on investments in catastrophe bonds.
At the time it was not clear whether this was a multi-investor fund strategy, or a fund-of-one.
When RenaissanceRe disclosed the new Stratos Fund cat bond strategy for the first time, it explained that it had raised $260.4 million for the segregated account in 2025.
That capital raised for the Stratos account was transferred across from the long-standing Medici cat bond investment strategy, so was not a net-new addition.
Now, thanks to the latest filings from the company, it’s become clear that Stratos Fund is a single investor strategy, established for an individual institution that has transferred its cat bond investment allocation away from the co-mingled Medici, into this new managed account.
At $260.4 million at the time of Stratos Fund was established, it shows this is a large institutional investor and managed accounts, or funds-of-one are often preferred as strategies scale.
In addition, single investor managed accounts can be preferred by allocators that want to differentiate their strategy slightly from a co-mingled option.
Stratos Fund becomes the second single investor cat bond account managed within the Upsilon Fund, showing RenRe Capital Partners continuing to evolve the range of options it has for larger investors.
Back in early 2023, $150 million of capital was raised by RenRe’s Capital Partners for a newly formed segregated account named NOC1, which the company said was focused on investing in insurance-linked securities (ILS), through a strategy that primarily consists of catastrophe bonds.
The Stratos Fund ended 2025 at $261.9 million of assets, while the NOC1 segregated cat bond account had assets of $192.7 million.
The use of segregated accounts for larger single investors in this way means the investment strategy can be more tailored to their needs, while also ensuring co-mingled funds do not become overly concentrated among just a few particularly large allocators.
It makes sense for RenRe and its Capital Partners team to offer accounts like this to larger allocators, who often look for a more
View information on many dedicated ILS fund managers, as well as reinsurers offering ILS style investment opportunities, such as RenaissanceRe, in our Insurance-Linked Securities Investment Managers & Funds Directory.
