ACE Group, a global multiline property and casualty insurer, has formed a $95m special purpose vehicle known as Altair Re II, to offer additional collateralized capacity for its global reinsurance business.

ACE

The capital from Altair Re II will be used to support ACE Tempest Re’s global property catastrophe reinsurance portfolio, according to the insurer. Altair Re II becomes the second Altair Re transaction, after its predecessor, which was set up in April 2013.

Commenting on the latest development, ACE Tempest Re Group chairman Jacques Bonneau said, "Similar to our first Altair Re vehicle, Altair Re II gives us additional quota share capacity to meet the diversified property catastrophe needs of our insurance and reinsurance company clients.

"Capital markets investors continue to benefit from ACE Tempest Re’s track record of conservative underwriting and consistent profitability, and our desire to partner with these investors for both the short and long term."

Willis Capital Markets & Advisory was hired to offer structuring and placement agent pertaining to the transaction.

With operations in 54 nations, ACE offers commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.

Image: ACE forms $95m special purpose vehicle Altair Re II. Photo courtesy of Chaiwat/ /FreeDigitalPhotos.net.