Alterra Boost Capital Committed to New Point V To $247 Mln

Alterra Capital Holdings, which is backed by Stone Point Capital, said it has increased the total capital committed to New Point V to $247 million. Previously, Alterra had commited $210 million to the sidecar. New Point V also has funding from Stone Point, the manager of Trident Funds.

PRESS RELEASE

Alterra Capital Holdings Limited (“Alterra”) (NASDAQ: ALTE; BSX: ALTE.BH) today announced an increase in the total capital committed to New Point V Limited to $247 million. New Point V is a sidecar vehicle that was established to create additional capacity for the property catastrophe collateralized reinsurance marketplace.

New Point V is sponsored by Alterra in partnership with Stone Point Capital LLC through its private equity fund, Trident V, L.P. and its affiliates. All of the additional capital commitments have come from third party investors.

Marty Becker, President and Chief Executive Officer of Alterra stated: “We are pleased to report an increase in the capital commitments to New Point V. This increase will allow us to expand our support of the collateralized retrocessional market. We continue to believe that we are well positioned to serve our clients’ needs as they seek property catastrophe reinsurance.”

About Alterra Capital Holdings Limited

Alterra Capital Holdings Limited is a global enterprise dedicated to providing diversified specialty insurance and reinsurance products to corporations, public entities, and property and casualty insurers.

About Stone Point Capital LLC

Stone Point Capital LLC (“Stone Point”) is a global private equity company with more than twenty years of private equity experience. Stone Point serves as the manager of the Trident Funds, which have raised more than $9 billion in committed capital to make investments in the financial services sector, and has a long and successful history of sponsoring the formation of insurance and reinsurance businesses.

Leave a Reply

PEHUB Community

Join the 12505 members of peHUB to make connections, share your opinion, and follow your favorite authors.

Join the Community

Look Who’s Tweeting

PE HUB News Briefs

RSS Feed Widget

VCJ Headlines (subscribers only)

RSS Feed Widget

Buyouts Headlines (subscribers only)

RSS Feed Widget

Reuters VC and PE feed

RSS Feed Widget