Axis, Stone Point partner to create Monarch Point Re

Axis Capital Holdings Ltd. on Friday said it has partnered with Stone Point Credit Adviser LLC to create Bermuda-based collateralized reinsurer Monarch Point Re, a newly created collateralized reinsurer capitalized at over $400 million.

The equity includes a $75 million investment from a subsidiary of Axis Capital and a $75 million equity investment from Stone Point Credit, an Axis statement said. The multiyear reinsurance agreement is effective Jan. 1, 2023.

Monarch Point Re will operate in Bermuda and underwrite casualty reinsurance business retroceded by subsidiaries of Axis Capital. Subsidiaries of Axis Capital plan to retrocede approximately $400 million of reinsurance written premium for the first year of the reinsurance agreement.

Christopher Harris has been appointed CEO of Monarch Point Re. He was most recently a board member and adviser to Catalina Re and previously served as CEO and president of Montpelier Re Holdings.

Stone Point Credit will serve as Monarch Point Re’s investment manager and expects to invest in a diversified portfolio of corporate credit, the statement said.

Vince Tizzio, president and CEO of Axis Capital, said in the statement the deal expands Axis’ specialty reinsurance capacity.