A new $1 billion collaterlised catastrophe reinsurance fund has been set up in Bermuda, according to the Bermuda Monetary Authority's (BMA) latest list of company registrations.

The BMA's list revealed that Catco Investment Management Ltd. was one of two companies formed on August 25. The other was Catco-Re Ltd., which in turn was launched by Catco Investment Management.

Catco Investment Management is expected to go live later this year and will be run by former Oxygen Re broker Tony Belisle, according to a report in Insurance Day.

Mr. Belisle will be joined by Graham Wood, also formerly of Oxygen Re, and Jason Bibb, the former chief operating officer of Citigroup's alternative asset division.

The team has the back office support of a big institution which is also acting as a seed investor, with the fund will be investing in traditional reinsurance contracts in property, aviation and marine and energy classes of business.

Mr. Belisle is an actuary with more than 22 years of insurance experience and has developed collateralised reinsurance products for several investment firms, including Citadel Investment Group and Deutsche Bank.

London-headquartered Oxygen has decided that to remove any potential conflict of interest by pulling back from reinsurance broking, with the remainder of its broking team - Kevin Conlan, Colin Garner and Oliver Moon, transferring to Guy Carpenter immediately.

The trio had previously worked together at Gallagher Re prior to joining Oxygen.

The two new Catco additions bring the total number of insurers listed in Bermuda this year to date to 25 and intermediary companies to eight.