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New Bermuda reinsurer launched

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Christopher Harris, chief executive officer of Monarch Point Re (File photograph)

Christopher Harris has been appointed chief executive officer of Monarch Point Re, the newly created collateralised reinsurer launched on Friday by Bermudian-based Axis Capital Holdings Limited and Stone Point Credit Adviser LLC, the alternative investment firm based in Greenwich, Connecticut.

Mr Harris is a former chief executive and president of Montpelier Re and chairman of Blue Capital Reinsurance Holdings.

The launch was accompanied by a capital raise of more than $400 million of equity, including a $75 million equity investment from a subsidiary of Axis Capital and a $75 million equity investment from Stone Point Credit.

Monarch Point Re, which will operate in Bermuda, will underwrite a diversified portfolio of casualty reinsurance business retroceded by subsidiaries of Axis Capital.

Stone Point Credit will serve as Monarch Point Re’s exclusive investment manager and expects to invest in a diversified portfolio of corporate credit.

The multi-year reinsurance agreement is effective January 1, 2023.

Subsidiaries of Axis Capital anticipate retroceding approximately $400 million of reinsurance written premium for the first year of the reinsurance agreement.

Axis said the launch of Monarch Point Re reflected the company’s continued commitment to better serve its customers and distribution partners by expanding its capacity through third-party capital.

Mr Harris said: “Monarch Point Re benefits from the specialty underwriting capabilities of Axis and the investing expertise of Stone Point Credit, providing a tremendous opportunity to deliver value to the market and all of our stakeholders.”

Vince Tizzio, president and chief executive of Axis Capital, said: “The launch of Monarch Point Re further demonstrates Axis’s ability and desire to meet the needs of our customers and distribution partners by expanding our specialty reinsurance capacity.

“Moreover, in Stone Point Credit, we are partnering with an exceptional investment manager, which aligns with our alternative capital strategy of matching the right risk with the right capital.”

Jim Carey, president of Stone Point, said: “We are excited to partner with Axis to launch Monarch Point Re and bring together the expertise of the two firms.

“We believe Stone Point Credit’s experience managing capital for the insurance industry, combined with Axis’s expertise in risk management, will enable us to generate substantial value for all stakeholders.”

Axis Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions.

The company has shareholders’ equity of $5 billion at June 30, 2023, and locations in Bermuda, the United States, Europe, Singapore and Canada.

Stone Point Capital is an alternative investment firm with more than $50 billion of assets under management.

Stone Point Credit is the credit-investing platform established by Stone Point Capital, with more than $5 billion of assets under management.

Vince Tizzio, president and CEO of Axis Capital (File photograph)
Jim Carey, president of Stone Point (File photograph)

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Published October 01, 2023 at 9:32 am (Updated October 01, 2023 at 4:13 pm)

New Bermuda reinsurer launched

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