Reinsurer Alterra Closes $200M New Point IV Vehicle

Jul 6 2011 | 9:36am ET

Alterra Capital Holdings has closed New Point IV, a sidecar vehicle established earlier this year, with $200 million of capital commitments.

New Point IV was created to provide additional capacity to write property catastrophe collateralized retrocessional coverage (i.e. reinsurance purchased by reinsurance companies).

New Point IV is sponsored by Alterra in partnership with Stone Point Capital through its private equity funds, including Trident V. Lead investors Alterra and Stone Point have each committed $75 million to New Point IV, while six other investors have committed to supplying another $125 million.

Aon Benfield Securities acted as an advisor to New Point IV.

Alterra is a global enterprise dedicated to providing diversified specialty insurance and reinsurance products to corporations, public entities, and property and casualty insurers.

Alterra was the result of a 2010 merger of two reinsurers backed by alternative investment firms—Max Capital Group, co-founded by Moore Capital Management founder Louis Bacon, and Harbor Point, backed by Stone Point Capital.


In Depth

Q&A: MackeyRMS's Chris Mackey On A High Tech Fix To Broker Votes

Jun 23 2017 | 8:17pm ET

The looming implementation of the EU’s MiFID II rules regarding research has put...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: Asia-Focused Hedge Funds Offer Great Opportunities

Jun 23 2017 | 3:33pm ET

Emerging market strategies have outperformed their developed-market peers for five...

 

From the current issue of