Bermuda-based Aeolus Ltd. announced Thursday that it will enter into the global reinsurance market with an initial $500 million capitalization by a Warburg Pincus-led group.
The group also includes the company’s founders Peter Appel and David Eklund and Arch Capital Group.
Aeolus Re says it will operate as an unrated reinsurance platform aimed at the property catastrophe segment of the worldwide reinsurance market. Aeolus Re will provide property catastrophe protection to insurers and reinsurers on both an ultimate net loss and industry loss warranty basis.