Montpelier Announces Capitalization of Blue Ocean Re Holdings Ltd.

Business Wire | January 2, 2006 | Copyright

HAMILTON, Bermuda -- Montpelier Re Holdings Ltd. (NYSE: MRH) announced today that it has joined with other investors in capitalizing a new Bermuda reinsurer, Blue Ocean Reinsurance Ltd. Blue Ocean will offer retrocessional protection, or reinsurance for reinsurers, in the property catastrophe market. Blue Ocean has been capitalized with commitments for $300 million of common and preferred equity, including a $133 million investment by Montpelier.

Blue Ocean will provide fully collateralized retrocessional protection to parties other than Montpelier and has no current ...

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