ACE Limited, a property casualty insurance company, has established its second reinsurance sidecar under the Altair program.
Altair Re II is a $95 million special purpose vehicle that provide additional collateralized capacity ACE’s global reinsurance business. It comes nine months after Ace launched its $95 million predecessor in April 2013.
“Similar to our first Altair Re vehicle, Altair Re II gives us additional quota share capacity to meet the diversified property catastrophe needs of our insurance and reinsurance company clients,” Jacques Q. Bonneau, Chairman of ACE Tempest Re Group, stated in a press release.
“Capital markets investors continue to benefit from ACE Tempest Re’s track record of conservative underwriting and consistent profitability, and our desire to partner with these investors for both the short and long term.”
Willis Capital Markets & Advisory acted as structuring and placement agent on the transaction.