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Alterra Announces an Increase in the Capitalization of New Point V
HAMILTON, Bermuda --(Business Wire)--
Alterra Capital Holdings Limited ("Alterra") (NASDAQ: ALTE; BSX:
ALTE.BH) today announced an increase in the total capital committed to
New Point V Limited to $247 million. New Point V is a sidecar vehicle
that was established to create additional capacity for the property
catastrophe collateralized reinsurance marketplace.
New Point V is sponsored by Alterra in partnership with Stone Point
Capital LLC through its private equity fund, Trident V, L.P. and its
affiliates. All of the additional capital commitments have come from
third party investors.
Marty Beker, President and Chief Executive Officer of Alterra stated:
"We are pleased to report an increase in the capital commitments to New
Point V. This increase will allow us to expand our support of the
collateralized retrocessional market. We continue to believe that we are
well positioned to serve our clients' needs as they seek property
catastrophe reinsurance."
About Alterra Capital Holdings Limited
Alterra Capital Holdings Limited is a global enterprise dedicated to
providing diversified specialty insurance and reinsurance products to
corporations, public entities, and property and casualty insurers.
About Stone Point Capital LLC
Stone Point Capital LLC ("Stone Point") is a global private equity
company with more than twenty years of private equity experience. Stone
Point serves as the manager of the Trident Funds, which have raised more
than $9 billion in committed capital to make investments in the
financial services sector, and has a long and successful history of
sponsoring the formation of insurance and reinsurance businesses.
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