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LONDONInsurance and reinsurance intermediary Benfield Group Ltd. has made a $50 million cash investment into a fund that will invest in insurance-linked securities.
The Juniperus Insurance Opportunity Fund will be managed by Juniperus Capital Ltd., a new Bermuda-based investment management company established to manage third-party funds focused on the collateralized reinsurance- and insurance-linked securities markets.
Benfield owns a significant portion of JCL. The broker acquired $6.6 million in shares and has committed to provide up to $2 million in working capital to the investment management company.
Other substantial investors in the fund include New York-based Transatlantic Reinsurance Co. and JCL management.
Philip Lotz will serve as JCL's executive chairman, and Michael Cash has been named chief executive officer.
The investment is being made through Benfield Advisory, the group's corporate finance operation.