ILS Property & Casualty Re Ltd, a licensed Bermuda reinsurer, has acquired Rampart Insurance Company, a New York-licensed reinsurer in run-off.

The Bermuda firm is a wholly owned subsidiary of ILS Property & Casualty Master Fund Ltd, which is managed by Credit Suisse Asset Management and advised on an exclusive basis by ILS Investment Management.

The company acquired Rampart from Groupama SA, a major financial institution headquartered in Paris, France.