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.