Bermuda based insurance-linked securities (ILS) and reinsurance-linked asset manager New Ocean Capital Management Limited has announced the successful launch of two new reinsurance investment strategies today.
Reinsurance asset manager New Ocean Capital Management was launched in 2013 by global insurance and reinsurance firm XL Group and reinsurance focused private equity firm Stone Point Capital LLC. The name, New Ocean Capital Management, was later revealed in November when the firm announced the hire of experienced insurance-linked securities and reinsurance capital markets executive Chris McKeown as the asset managers CEO.
Today, New Ocean announced the successful launch of two reinsurance linked investment strategies, likely funds, the firms first official product announcement. The firm does not go into any detail on the specific mechanics of the investment opportunities.
As well as capital from XL and Stone Point, New Ocean has received third-party capital commitments coming from funds managed by Dowling Capital Partners I, L.P. and another global asset manager.
Dowling Capital, a private equity firm focused on insurance and reinsurance investments established by industry analyst and investor VJ Dowling, alongside Dave Zwiener, former President and COO of Property Casualty at insurer The Hartford and Jeff Cappel, former CEO of insurance-focused corporate finance advisory Hales & Company, has also acquired an equity share in New Ocean.
New Ocean said that it deployed capital, not specifying how much, into reinsurance programs which incepted during the key January 1 reinsurance renewals.
Chris McKeown, CEO of New Ocean, said; “It is extremely gratifying to attract such sophisticated and industry-leading investors to our platform. It is a reflection of the confidence in our strong institutional ownership by XL and Stone Point managed funds, as well as a validation that reinsurance is a sustainable asset allocation for alternative and institutional investors.”