ACE Limited announced Monday that it has established a $95 million special purpose vehicle, Altair Re, to provide additional collateralized capacity for its global reinsurance business. The capital will be used to broadly support ACE Tempest Re’s global property catastrophe reinsurance portfolio.

“Altair Re gives us additional capacity to meet the diversified property catastrophe needs of our insurance and reinsurance company clients,” said Jacques Q. Bonneau, Chairman of ACE Tempest Re Group.

Bonneau said the added capital will allow ACE to take advantage of opportunities the company sees in the global property catastrophe market.

Source: ACE Limited