The New Wave of Reinsurers
Total capital, from new companies (so far): $6.9 billion
Total capital from existing companies $3.677 billion
Total new capital so far: $10 billion
Total number of jobs: Approx 120 (so far)
Arch Re Ltd
Lines of business: Broad-based multi-line reinsurance
Set up by: Arch Capital Group Ltd. and backed by two private equity firms, Warburg Pincus and Hellman & Friedman.
Capital: $1 billion
Number of staff: Currently 12 in Bermuda, 19 in the US
Office location: Craig Appen House, Wesley Street.
CEO: Paul Ingrey
Axis Specialty
Lines of business: Property, aviation, war and other.
Set up by: Insurance broker Marsh & McLennan Cos.
Capital: $1.6 billion.
Number of staff: 10 now, up to 30
Office location: Mayflower building in Par-la-Ville and the former Partner Re building on Pitts Bay Road.
CEO and President: John Charman
Chairman: Bob Newhouse
Chief Financial Officer: Andrew Cook
DaVinci Re
Lines of business: property/catastrophe
Set up by: RenaissanceRe Holdings Ltd. with $500 million initial backing from investors, including State Farm, the largest U.S. insurer.
Capital:$500 million
Number of staff in Bermuda: less than 10
Office location: Crow Lane, Pembroke
CEO: James Stannard
Endurance Specialty Insurance Ltd.
Lines of business: Commercial property/casualty insurance and reinsurance.
Set up by: Aon Corporation and Zurich Financial Services and affiliated entities and others.
Target Capitalisation: $1.2 billion ($200 million from Aon)
Number of staff: Not known
Office location: Not known
CEO: Kenneth LeStrange
Montpelier Re
Lines of business: Property/casualty
Set up by: White Mountains
Capital: $1 billion ($200 million White Mountains)
Number of staff : About 24
Office location: former ACE headquarters on Pitts Bay Road with Woodbourne Avenue
CEO: Tony Taylor
Chairman: Jack Byrne
Allied World Assurance Company
Lines of business: Property/catastrophe
Set up by: American International Group Inc., Chubb Corp and GS Capital Partners (part of Goldman Sachs Group Inc.)
Capital: $1.5 billion
Number of staff : Not announced but expected to be larger than the other companies
Office location: John W. Swan building in Victoria Street
CEO: Michael Morrison
The New Wave of Reinsurers
Goshawk Re
Lines of Business:excess liability and property/catastrophe
Set up by: Goshawk Insurance Holdings Ltd
Capital: $140 million
Number of Staff: about 10 including support staff
Office location: not announced
CEO: Not announced
Chairman: David Hooker
In addition to the new insurer, Aon Corp. added some property and reinsurance lines to its own underwriting unit, Combined Specialty Corp.
Existing companies have raised $3.677 billion in new capital.
ACE $1.15 billion
XL Capital $0.82 billion
Partner Re $0.4 billion
IPC $0.927 billion
Renaissance Re $0.3 billion
PXRE $0.15 billion
