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TOKYOMitsui Sumitomo Insurance Co. Ltd. is banking on a healthy reinsurance market by boosting the capital in its Bermuda subsidiary.
The Tokyo-based insurer is adding $100 million to the capital of MS Frontier Reinsurance Ltd., bringing the reinsurer's capital to $300 million. MS Frontier writes property catastrophe reinsurance.
Mitsui Sumitomo said in a statement that "the natural catastrophe reinsurance market is turning around" and it expects that the demand for "highly-secured reinsurance capacity would remain very strong."
MS Frontier's additional capital gives it the ability to take advantage of market conditions and "react in a more agile and flexible manner," the insurer said.