$1b collateralised catastrophe reinsurance fund to launch in Bermuda

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Catco Investment Management is set to launch in Bermuda during Q4 this year as a collateralised catastrophe reinsurance fund with $1b of backing. The fund is being launched by ex-Oxygen Re broker Tony Belisle.

Belisle, who is to head up Catco, is said to have secured more than $1b from investors to create the collateralised reinsurance vehicle. The fund is set to go live on December the 1st. Catco Investment Management also seems to own a Class 3 Bermudian insurer vehicle Catco-Re Ltd. We’re unsure of plans for that.

Belisle is to be joined by other ex-Oxygen Re people to manage the venture. A statement on the Oxygen website says that as they have been supporting the creation of this new reinsurance fund and to prevent any conflict of interest they are transferring their own reinsurance broking operations over to Guy Carpenter.

The fund is going to invest in cash-collateralised catastrophe reinsurance contracts in the property, energy, marine and aviation lines of business. This is another great example of the capital markets providing both investment opportunities and reinsurance capacity.

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