Montpelier Re, investors launch Blue Ocean in Bermuda.A new Bermuda reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. , funded with $300 million in capital from a group of investors that includes Montpelier Re Holdings Ltd., will focus on writing retrocessional property catastrophe Catastrophe, from the Greek Καταστροφή (katastrephein), literally means "to turn" (strephein) "downwards" (kata-). cover for reinsurers. Blue Ocean Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Ltd. is being funded with $300 million in common and preferred equity, including $133 million from Montpelier Re. The new company will provide fully collateralized retrocessional cover to parties other than Montpelier Re. Blue Ocean anticipates writing gross aggregate policy limits of more than $350 million, Montpelier Re said. Anthony Taylor Anthony Paul Taylor (born November 30 1965, in Los Angeles, California), is an American former professional basketball player who was selected by the Atlanta Hawks in the 2nd round (44th overall) of the 1988 NBA Draft. , chairman, president and chief executive officer of Montpelier Re, said Blue Ocean represents "a significant step" in Montpelier Re's plans to pursue nontraditional strategies. |
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