New Ocean Capital Management, a Bermuda-based asset management company dedicated to the insurance and reinsurance capital markets and principally owned by XL Group and Stone Point managed funds, has launched two new reinsurance investment strategies.
In addition to capital furnished by its founders and main owners, New Ocean has received capital commitments from funds managed, respectively, by Dowling Capital Partners I and a global asset manager.
Dowling Capital has also acquired an equity participation in the company. New Ocean deployed capital in reinsurance programmes incepting during the important January 1, 2014 renewal cycle.
Chris McKeown, chief executive of New Ocean, said: “It is extremely gratifying to attract such sophisticated and industry-leading investors to our platform. It is a reflection of the confidence in our strong institutional ownership by XL and Stone Point managed funds, as well as a validation that reinsurance is a sustainable asset allocation for alternative and institutional investors.”