ACE Limited announced the establishment of Altair Re II, a $95 million special purpose vehicle to provide additional collateralised capacity for the company's global reinsurance business.
The capital from Altair Re II, which is the second Altair transaction, will be used to support ACE Tempest Re’s global property catastrophe reinsurance portfolio.
Jacques Q. Bonneau, chairman of ACE Tempest Re Group, explained: “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.”
He continued: “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.”
ACE, special purpose vehicle, Tempest Re