Sale to result in $15.8m gain in third quarter

Bermuda-based reinsurer RenaissanceRe has sold its entire ownership interest in financial guarantee reinsurer Channel Re for $15.8m. The proceeds from the sale will be recorded as a gain in RenaissanceRe’s third quarter results.

RenaissanceRe said in its second-quarter results announcement that as a result of the total divestiture of its ownership interests in Channel Re, it has no contractual obligations to provide capital or other financial support to the unit.