AXIS Capital Launches Collateralized Reinsurer With Stone Point Credit

(RTTNews) - On Friday, AXIS Capital Holdings Limited (AXS) and its subsidiaries and branches announced a new partnership with Stone Point Credit Adviser LLC to create Monarch Point Re, a collateralized reinsurer that will be based in Bermuda.

The launch included a capital raise of over $400 million in equity, with AXIS Capital investing $75 million and Stone Point Credit investing $75 million.

Monarch Point Re will underwrite a variety of casualty reinsurance businesses, with AXIS Capital subsidiaries retroceding about $400 million of reinsurance written premium in the first year.

Stone Point Credit will exclusively manage Monarch Point Re's investments and plans to invest in a diverse portfolio of corporate credit.

This launch is part of AXIS Capital's ongoing efforts to expand its capacity through third-party capital and better serve its customers and distribution partners.