Alterra Capital Holdings, a provider of insurance and reinsurance products, has increased its total capital committed to New Point V Limited to $247m.

The sidecar vehicle was established by the company in June 2012 with a capital of $210m, in an effort to generate additional capacity for the property catastrophe collateralized reinsurance marketplace.

Alterra president and chief executive officer Marty Becker said the increase in the capital commitments will enable the company to expand its support to the collateralized retrocessional market.

New Point V Limited, is sponsored by Alterra in collaboration with Stone Point Capital through its private equity fund, Trident V, L.P. and its affiliates.

All of the additional capital commitments have been provided by third party investors, according to the company.

Established through merger of Max Capital Group and Harbor Point in May 2010, Alterra Capital provides diversified specialty insurance and reinsurance products to corporations, public entities, and property and casualty insurers.