Blue Capital deploys 90 percent of capacity in first month of 2014

06-02-2014

Blue Capital reports the deployment of $144 million, 90 percent of the $160 million earmarked for this purpose. The majority of capital was deployed to first event cover and catastrophe quota share collateralised reinsurance. Some capital was also deployed for second and subsequent event cover.

Blue Capital reported no revenue, having been formed on June 24, 2013 and IPO'd at the beginning of November. It raised $174 million of total offering proceeds, $14 million of which have been retained to fund anticipated cash obligations and the rest of which is earmarked for deployment. The company’s net loss from the period between its establishment and the end of 2013 is $0.7 million, a result of administrative expenses. Blue Capital reported a loss per common share of 31 cents.

William Pollett, president and CEO, says: “we were encouraged by the market reception to the launch of the company and are pleased to report that we have already constructed a diversified portfolio of property catastrophe risks with attractive risk-adjusted return characteristics.”

Blue Capital expects to deploy its remaining $16 million of capital during the course of this year.

Blue Capital, annual results

Bermuda Re