reports that J&H plans to set up a new $200 million capitalised property catastrophe reinsurer in Bermuda.

It has also been announced that USF&G Corporation is organising a joint venture reinsurance company in Bermuda primarily to write property catastrophe reinsurance.

According to a report in Business Insurance, the insurance industry's leading magazine, the new company will be capitalised at between $100 million and $200 million.