XL, Stone Point Capital form Bermuda-based ILS, reinsurance firm

XL Group P.L.C. and Stone Point Capital L.L.C. have formed a Bermuda-based investment management firm for insurance-linked securities and XL reinsurance products, the companies said Thursday.

Dublin-based insurer XL will have 75% ownership of the firm, while Greenwich, Conn.-based private equity firm Stone Point Capital will own the remaining 25%, the companies said in a statement.

The companies plan to invest $135 million in the operation and secure third-party investors for the yet-to-be-named Bermuda-based firm.

“This initiative with XL is designed to offer third-party investors an opportunity to invest in this asset class in partnership with one of the world’s premiere reinsurance underwriters,” Stone Point Capital CEO Charles A. David said in the statement.