Alterra Sidecar Draws $200M In Commitments
Bermuda re/insurer Alterra Capital Holdings Limited today [Jul.6] announced that New Point IV has closed with more than $200 million of capital commitments.
New Point IV is a sidecar vehicle established earlier this year to provide additional capacity to write property catastrophe collateralised retrocessional coverage.
New Point IV is sponsored by Alterra in partnership with Stone Point Capital LLC through its private equity funds, including Trident V L.P. As lead investors, each of Alterra and Stone Point has committed $75 million of capital to New Point IV.
In addition, New Point IV has closed with commitments from six other investors to increase New Point IV’s total capitalization to more than $200 million.
Aon Benfield Securities acted as an advisor to New Point IV.
Alterra Capital Holdings Limited is a global enterprise dedicated to providing diversified specialty insurance and reinsurance products to corporations, public entities, and property and casualty insurers.
Stone Point Capital is a global private equity company with more than twenty years of private equity experience. Stone Point serves as the manager of the Trident Funds, which have raised more than $10 billion in committed capital to make investments in the financial services sector, and has a long and successful history of sponsoring the formation of insurance and reinsurance businesses.
