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Alterra sidecar grows 18%

Alterra’s sidecar New Point V has increased in size nearly 18 percent from $210 million to $247 million, in the first six months since its formation, the company said.

New Point V, which is backed by Stone Point Capital, Alterra and a number of other third party investors, was launched in late June for the July 1 renewals.

The sidecar was established to create additional capacity for the property catastrophe collateralised reinsurance and retrocessional marketplace.

All of the additional capital for Stone Point V comes from unnamed third parties.

“We are pleased to report an increase in the capital commitments to New Point V,” said Marty Becker, president and CEO of Alterra. “This increase will allow us to expand our support of the collateralised retrocessional market. We continue to believe that we are well positioned to serve our clients’ needs as they seek property catastrophe reinsurance.”

Alterra CEO Marty Becker

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Published December 19, 2012 at 8:00 am (Updated December 18, 2012 at 6:49 pm)

Alterra sidecar grows 18%

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