Friday, 21 October 2016
Last updated 33 min ago
Jan 5 2007 | 11:58am ET
Bermuda-based Aeolus Re’s holding company, Aeolus Re LP, has increased its capital base to over $1 billion through an investment from a group of investors led by Warburg Pincus and Merrill Lynch Global Private Equity, each having invested $350 million in the company. Arch Reinsurance, a subsidiary of Arch Capital Group, has also increased its investment to $50 million.
Aeolus operates as an unrated reinsurance platform initially targeting the property catastrophe segment of the worldwide reinsurance market. “The additional capital will allow Aeolus to provide our clients with their most sought after and difficult to find capacity – fully secured protection against their property catastrophe risks,” stated Peter Appel, chairman and CEO.
Aeolus Re was founded in July 2006 by Appel, the former founder of Arch Capital Group, and David Eklund, the former chief underwriting officer of Renaissance Re.