BlackRock Plans Bermuda Cat. Vehicle
Asset management giant BlackRock is looking to make its first direct foray into the re/insurance industry through a $300 million quota share partnership in a Bermuda venture with Swiss Re focusing on peak catastrophe risk, industry journal “The Insurance Insider” reveals today [Mar.28].
BlackRock is understood to be fundraising for Bermudian vehicle Onyx Re, as it “dips its toe” into the sector ahead of a potentially more significant participation that could involve further joint ventures.
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.
