Tuesday, 7 July 2015
Last updated 10 hours ago
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.
May 27 2015 | 2:15pm ET
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