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XL Group, Stone Point Form Investment-Management Company

Source: Dow Jones

Posted on 26 Jul 2013 by Neilson

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XLXL Group PLC (XL) and Stone Point Capital LLC formed a new company that will manage investments in insurance-linked securities and other products in reinsurance capital markets.

The firms intend to invest up to $135 million in funds, potentially with third-party investors.

XL Group, which, through subsidiaries, provides insurance and reinsurance coverage to companies, owns 75% of the company, and Stone Point, a private equity firm focused on financial services, owns the remaining 25%.

The new company is based in Bermuda.

Despite Superstorm Sandy last autumn, XL Group has been aided by a relative lack of natural disasters in recent quarters. It said earlier this month that it expected second-quarter catastrophe losses of about $135 million.

XL Group is scheduled to report second-quarter results Monday.