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ABR Reinsurance to raise nearly $1.3 billion


ABR Reinsurance Capital Holdings Ltd., the reinsurance venture between Ace Ltd. and investment bank Blackrock Inc. has filed documents with the Securities and Exchange Commission indicating the venture plans to raise as much as $1.3 billion.

The total offering amount of the placement is estimated to be between $800 million and $1.3 billion, according to the document filed March 19 with the commission.

A spokesman for Blackrock declined to comment on the filings or intentions for the proceeds. Media contacts for Ace could not immediately be reached.

The joint venture is another example of third party capital entering the reinsurance space.

ABR has the potential to be an internal reinsurance vehicle for Ace or function more broadly with the insurer, potentially allowing investors access to risks.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. L.L.C., and Morgan Stanley Smith Barney are listed as being involved in the placement.