Barbados-based Aliseo Reinsurance has entered into the global retrocession market with an initial capitalization of $300m.

According to the Aliseo Re, it will operate as a monoline retrocessionaire focusing on providing property catastrophe protection, targeting the reinsurance market globally.

Aliseo Re will provide fully collateralized retrocession products to reinsurers, both on an ultimate net loss and an industry loss warranty basis.

James Bryce will lead Aliseo Re as chairman, and Andreas Kusay as president and CEO.

Bryce will provide an active corporate governance and strategic leadership to Aliseo Re. Bryce played major role in establishing IPC Re in 1993 and served as its president and CEO until 2009.

Kusay has more than 25 years of reinsurance experience. Most recently Kusay was president and CEO of Manufacturers P&C, the property catastrophe subsidiary of Manulife Financial, and a senior consultant to the Insurance Futures Exchange Services (IFEX).

The senior management team at Aliseo Re will also include Manoj Karnani who will serve as chief financial officer, and a chief underwriting officer. Karnani will join the Aliseo Re upon commencement of operations in Barbados.

Karnani has 20 years of experience in insurance and reinsurance encompassing operational, accounting and finance.

Kusay said despite the current challenging dynamics in the broader reinsurance industry, demand for property retrocession protection is expected to grow.

Aliseo Re is licensed and will write business effective from 1 January 2011, subject to formal and customary closing conditions.

The US RE Group and VKP Group structured the transaction and acted as advisors to Aliseo Re.