ACE Limited announced Monday that it has established Altair Re II, a $95 million special purpose vehicle to provide additional collateralized capacity for its global reinsurance business.

Altair Re II is the second Altair Re transaction, following its predecessor established in April 2013.

The capital from Altair Re II will be used to support ACE Tempest Re’s global property catastrophe reinsurance portfolio.

In a statement, Jacques Q. Bonneau, Chairman of ACE Tempest Re Group, said that “Similar to our first Altair Re vehicle, Altair Re II gives us additional quota share capacity to meet the diversified property catastrophe needs of our insurance and reinsurance company clients”

Altair Re II, like the first Altair vehicle, gives ACE additional quota-share capacity to meet the diversified property-catastrophe needs of insurance and reinsurance company clients.

Willis Capital Markets & Advisory acted as structuring and placement agent on the transaction.

Source: ACE Limited