Ace, BlackRock raise $800m to launch ABR Re
Ace Ltd and BlackRock yesterday said they have launched their new Bermuda-based joint reinsurance venture ABR Reinsurance Ltd.
The two firms announced late yesterday that they had raised about $800 million through a private placement to get the new venture up and running.
Global insurer Ace and Blackrock, the world’s largest money managers, have minority stakes in ABR, which they described as “an innovative, independent reinsurance company”.
“ABR Re will underwrite a portion of a broad selection of reinsurance treaties that Ace places with the traditional reinsurance market and will invest its assets in a diversified and dynamic alternative investment portfolio managed by BlackRock, the world’s largest investment manager,” the statement read yesterday.
ABR Re will be led by chief executive officer William O’Donnell, formerly senior vice-president, Distribution Management, and global client executive, Global Accounts with the Ace Group.
“ABR Re is a unique company that complements the traditional reinsurance market,” Mr O’Donnell said. “The reinsurance market is undergoing cyclical and structural changes, driven by a substantial increase in alternative sources of capital and new risk technology including data analytics and portfolio management.
“Ace and BlackRock bring extraordinary vision, experience and a long-term commitment to this endeavour. Ace is a global insurer with a proven track record as an originator and manager of risk that produces a consistent underwriting profit.
“BlackRock brings superior investment and risk management experience with multi-asset, multi-strategy investment portfolios. With these strengths, as well as significant investor interest, we are excited about the long-term opportunities for ABR Re.”
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