Bermuda based re/insurance group Alterra Capital Holdings is on the verge of launching another reinsurance sidecar vehicle according to a filing with the SEC. New Point V will be Alterra’s latest sidecar vehicle, last year saw them launch New Point VI in the middle of the year after raising $200m of capital for it.
The SEC filing names Alterra as registrant of New Point V Limited, a holding company for a special purpose insurer. BMO Capital Markets Corp. are named as a firm who will raise the funds for Alterra and the 8-K filing says they will receive 2% of all capital raised from investors introduced by BMO.
It’s expected that New Point V will launch before the mid-year renewals to take advantage of any increase in reinsurance pricing.
View all of our Artemis Live video interviews and subscribe to our podcast.
All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online.
Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.