Insurance broker Marsh said it has created a reinsurance sidecar facility to provide capacity to its clients for property-catastrophe risks.
The New York-based insurance broker, a subsidiary of Marsh & McLennan Companies, said the new entity, MaRI (Marsh Risk Innovations) will provide reinsurance to Bermuda-based insurer ACE, creating $400 million in extra capacity to its clients for the next three months.
Depending on demand, market conditions and “other factors,” Marsh said the program could deliver more than $1 billion in total extra capacity over the next year.
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