Bermuda-based Aeolus Ltd. today announced its entry into the global reinsurance market with an initial capitalization of up to $500 million financed by a group led by Warburg Pincus and the company's founders, Peter Appel and David Eklund.

Arch Capital Group Ltd. also has agreed to invest in the company, subject to its board approval.

Aeolus Re said it will operate as an unrated reinsurance platform initially targeting the property catastrophe segment of the worldwide reinsurance market.

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