Daedalus I Re Ltd

AXA and XL Group, who’s M&A deal is scheduled for completion soon, have ceded more risk to reinsurance or retrocession counterparties, as the pair make good on promises to control their combined exposures to natural catastrophe events.

Global insurance and reinsurance firm XL Catlin and its ILS fund manager partner New Ocean Capital Management have significantly expanded the size of one of their third-party capital vehicles, growing the Daedalus I Re Ltd. special purpose insurer to $600 million of limit, providing investors with aligned access to XL Catlin’s property catastrophe risks.