Montpelier Re Holdings in Hamilton, Bermuda, said it isinvesting $133 million in a new Bermuda reinsurer, Blue OceanReinsurance Ltd, which will offer retrocessional protection in theproperty catastrophe market.
Together with commitments from other investors, Montpelier saidBlue Ocean has been capitalized with commitments for $300 millionof common and preferred equity.
According to Montpelier, Blue Ocean will provide fullycollateralized retrocessional protection to parties other thanMontpelier. With the support of such collateral for itsretrocessional contracts, Blue Ocean has no current plans to obtaina rating from any rating agency, Montpelier said.
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