BlackRock Set To Launch Bermuda Venture
Asset management giant BlackRock is set to launch its first direct foray into the re/insurance industry through a Bermuda-based collateralised quota share partnership with Swiss Re, industry journal “The Insurance Insider” reports today [Apr.4].
BlackRock is joining other investors that have targeted the alternative reinsurance markets in recent months.
As previously reported, BlackRock hopes to plough $200-$300 million into Onyx Re, a collateralised vehicle that would be based in Bermuda and take a slice of Swiss Re’s property catastrophe portfolio.
Swiss Re will retain a half share of the new Bermuda venture.
Founded in 1998, BlackRock, Inc. is an American multinational investment management corporation and the world’s largest asset manager.
Headquartered in New York, it is one of the world’s leading providers of investment, advisory, and risk management solutions.
The company acquired Barclays Global Investors in December 2009, solidifying BlackRock’s position as the largest investment manager in the world.
As of June 2011, the company has over $3.65 trillion in assets under management.
