Alterra forms New Point V

Alterra Capital has formed a new sidecar, New Point V Limited, to create additional capacity in property catastrophe collateralized reinsurance.

New Point V is being sponsored by Alterra in partnership with Stone Point Capital through its private equity fund, Trident V.

The new sidecar currently has capital commitments from its sponsors and additional investors of approximately $210 million.

“We are pleased to continue our support of the collateralized retrocessional market with New Point V and are glad to be partnering again with industry experts like Stone Point,” said Marty Becker, president and chief executive officer of Alterra.

“With New Point V, we believe we remain well positioned to serve our clients’ needs as they seek property catastrophe reinsurance.”