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HAMILTON, BermudaRecently formed reinsurer Aeolus Ltd. has boosted its capital base to more than $1 billion with additional funds provided by a group of investors.
Hamilton, Bermuda-based Aeolus announced its launch in July 2006 with an initial capitalization of up to $500 million.
The additional capital was provided by a group of investors led by Warburg Pincus L.L.C., according to an Aeolus statement.
Warburg and Merrill Lynch Global Private Equity each have invested $350 million in the company so far, while the Arch Reinsurance Ltd. unit of Bermuda-based Arch Capital Group Ltd. has invested $50 million in the company. Other Aeolus investors include Banc of America Capital Investors and Wachovia Capital Partners, Aeolus said.
According to the Aeolus statement, the reinsurer provides "fully collateralized property catastrophe protection to insurers and reinsurers on both an ultimate net loss and industry loss warranty basis." An Aeolus spokeswoman would not comment further.