Property and casualty insurer ACE has established a $95m special purpose vehicle, Altair Re, to offer additional collateralized capacity for its global reinsurance business.
The capital will be used to largely support ACE Tempest Re's global property catastrophe reinsurance portfolio, the underwriter said.
ACE Tempest Re Group chairman Jacques Bonneau said Altair Re provides additional capacity to meet the diversified property catastrophe needs of its insurance and reinsurance company clients.
"Capital markets investors will benefit from ACE Tempest Re's proven track record of conservative underwriting and consistent profitability, while the additional capital will enable us to take advantage of opportunities we see in the global property catastrophe market," Bonneau added.
Willis Capital Markets & Advisory served as structuring and placement agent on the transaction.
ACE Group trades across 53 nations globally and offers commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.
Most recently, the company unveiled a new agriculture property and casualty insurance business, known as ACE Agribusiness.
