Alterra Capital: Formation of New Point IV
Alterra Capital Holdings Limited announced the formation of New Point IV, a sidecar vehicle established to create additional capacity for the property catastrophe collateralized reinsurance marketplace.
New Point IV is being sponsored by Alterra in partnership with Stone Point Capital LLC through its private equity fund, Trident V L.P. Each of Alterra and Stone Point has committed up to $100 million to capitalize New Point IV.
Marty Becker, President and Chief Executive Officer of Alterra stated: “We are pleased to announce the formation of New Point IV in partnership with Stone Point. Given the recent series of global catastrophic events, which have had the effect of reducing the capital supporting the international property catastrophe reinsurance market, we believe that this is a very timely addition of capacity.”
“We are excited to partner with Alterra on New Point IV. We know the Alterra underwriting team well and admire their track record of strong underwriting discipline and profitability,” commented Charles A. Davis, Chief Executive Officer of Stone Point.
John Berger, Alterra’s Vice Chairman and Chief Executive Officer of Reinsurance added: “Alterra has a history of successfully sponsoring sidecar vehicles and, with the creation of New Point IV, we believe we are well positioned to serve our clients’ needs as they seek property catastrophe reinsurance.”
