ACE Limited has established a $95 million special purpose vehicle, Altair Re, to provide additional collateralized capacity for its global reinsurance business. The capital will be used to support ACE Tempest Re’s global property catastrophe reinsurance portfolio.
Altair Re gives ACE additional capacity to meet the diversified property catastrophe needs of its insurance and reinsurance company clients, according to said Jacques Q. Bonneau, chairman of ACE Tempest Re Group. ”
Willis Capital Markets & Advisory acted as structuring and placement agent on the transaction.
The ACE Group is a global multiline property and casualty insurer with operations in 53 countries. ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance.
Topics Auto Reinsurance
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