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Catco enters reinsurance market with Aquilo launch

London-listed Catco Investment Management has today (17 March) launched a new reinsurance fund, Aquilo, which will write collateralised reinsurance perils and industry loss warranties.

The Qatari-backed retrocession specialist said it had raised initial capital of $110mn and aims to expand this to $250mn over time.

The new fund will be co-managed by underwriting directors Charlie Vaughan and Rick Montgomerie, who recently joined the firm from AQR Re, together with Catco CEO Tony Belisle.

Vaughan and Montgomerie built up a highly diversified (re)insurance portfolio for AQR, which was in line with the ethos of the pillared product Catco deploys on the retrocession market, the firm explained.

Aquilo will provide protection for small to medium-sized insurance accounts, the company added.

Catco said Aquilo would be the company's sixth fund. The firm's £200mn Reinsurance Opportunities Fund is listed in London and Bermuda and follows its core pillared retro strategy.

Belisle said that the group managed a growing suite of products tailored to meet different investment criteria.

"Catco has a reputation for developing innovative solutions for its clients and we look forward to bringing our increasingly diversified investment strategies to the traditional reinsurance sector."

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