Axis Capital partners with Stone Point Credit Adviser to launch Monarch Point Re

Axis Capital together with its direct and indirect subsidiaries and branches announced that it has partnered with Stone Point Credit Adviser to launch Monarch Point Re, a newly created collateralized reinsurer. The launch was accompanied by a capital raise of over $400M of equity, including a $75M equity investment from a subsidiary of AXIS Capital and a $75M equity investment from Stone Point Credit. Monarch Point Re, which will operate in Bermuda, will underwrite a diversified portfolio of casualty reinsurance business retroceded by subsidiaries of Axis Capital. Stone Point Credit will serve as Monarch Point Re’s exclusive investment manager and expects to invest in a diversified portfolio of corporate credit. The multi-year reinsurance agreement is effective January 1. Subsidiaries of Axis Capital anticipate retroceding approximately $400M of reinsurance written premium for the first year of the reinsurance agreement. The launch of Monarch Point Re reflects the company’s continued commitment to better serve its customers and distribution partners by expanding its capacity through third-party capital.