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PEMBROKE, Bermuda--Yet another reinsurer, Harbor Point Ltd., has announced the formation of a new company in Bermuda dedicated to writing retrocessional business.
Initial capitalization for the newly formed Class 3 reinsurer--called New Point Re Ltd.--is expected to be $250 million, with Harbor Point as a minority investor in the venture.
Capital will also be provided by institutional investors, a spokeswoman for Pembroke, Bermuda-based Harbor Point said.
New Point Re, which was created to write collateralized retrocessional contracts, including collateralized industry loss warranties, is up and running and "expects to be able to write business immediately, as early as tomorrow," the spokeswoman said Tuesday.
Another newly created company, Harbor Point Agency Ltd., will provide all underwriting support and management services to New Point Re.
In a statement, Harbor Point Chief Executive Officer John R. Berger noted that "New Point Re will provide needed capacity to the retro marketplace, serving as an effective vehicle for Harbor Point to deliver this product to the market."
Harbor Point formed in November 2005 as a spinoff of Chubb Re.
Earlier this month, Advent Capital (Holdings) P.L.C. and Brit Insurance Holdings P.L.C. announced launches of Bermuda-based companies that will write retrocession business in time for Jan. 1, 2007, renewals.