The fourth musketeer has moved to Bermuda - at least in name.

For unlike Alexandre Dumas' fabled 17th Century French chevalier, D'Artagnan is Bermuda's newest reinsurer.

According to a report in UK based industry publication Insurance Day, directors of Bermuda-based D'Artagnan were at the recent Rendez Vous conference in Monte Carlo.

Capitalised with $700 million, it was reported that the reinsurer hopes to write $1 billion in premium.

The impetus behind the new reinsurer is a group of former Axa Re directors, namely Jean-Marie Nessi who is president of the new company, Jean-Pierre Benoit who is executive vice president, as well as Thierry Dubois, Dominique Laure and Eric Derotte who were listed in the Rendez Vous directory under the name D'Artagnan Holdings Limited.

However, an inspection of the register of directors and officers at the registered Bermuda office at Conyers Dill and Pearman makes no mention of Eric Derotte.

According to the register, other directors include Charles G. Collis and Aaron B. Stern.

D'Artagnan Holdings Limited was incorporated on August 5 as an exempted Bermuda company and on August 26, the share capital was increased from $12,000 to $140,000.

The Codan Trust Company holds 1,200,000 shares of par value $0.01 in D'Artagnan Holdings, and directors Mr. Laure, Mr. Benoit, Mr. Nessi, Mr. Stern and Mr. Dubois each hold 50,000 shares, also of par value $0.01.

D'Artagnan president Jean-Marie Nessi could not be contacted for comment on Friday.

Despite the continued influx of reinsurance capital to the Island, some industry analysts think the new entrants are putting pressure on US property catastrophe rates.

Speaking at the Rendez Vous conference and reported in Insurance Day, Greg Carter of Fitch ratings agency said there had been much "hot air" about pricing and said suggestions on the rise of renewal rates varied from zero to 20 percent.

Mr. Carter said this suggested to him rises in renewal rates would be zero.

He added: "Bermuda is starting to put pressure on the short-tail property catastrophe market, particularly in the US.

"The pressure is not yet hot, but it is warming up."

Mr. Carter also said he felt the window of opportunity for new start ups was closing and that if investors were not in the game yet, they would miss out on the best of the upswing.