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HAMILTON, Bermuda—Alterra Capital Holdings Ltd. has established a new sidecar to increase capacity in the collateralized retrocessional market.
The Bermuda-based reinsurer said Wednesday that the entity, New Point V Ltd., was established to create additional capacity for the property catastrophe collateralized reinsurance marketplace.
Alterra and Greenwich, Conn.-based private equity firm Stone Point Capital L.L.C. are joint sponsors of New Point V. Stone Point currently has capital commitments from its sponsors and additional investors of approximately $210 million, Alterra said in a statement.
“We are pleased to continue our support of the collateralized retrocessional market with New Point V and are glad to be partnering again with industry experts like Stone Point,” Alterra President and CEO Marty Becker said in the statement. “With New Point V, we believe we remain well positioned to serve our clients’ needs as they seek property catastrophe reinsurance.”