HAMILTON, Bermuda, Oct. 21, 2016 /PRNewswire/ -- New Ocean
Capital Management Limited ("New Ocean"), along with its major
shareholders, XL Group Ltd ("XL") and Stone Point Capital, has
announced a newly formed strategic relationship with Mitsui &
Co., Ltd. ("Mitsui"). Mitsui has committed an initial $100 million of proprietary investment capital to
New Ocean's private fund platform on a multi-year basis, and will
endeavor to source additional capital by 2020.
As part of this strategic transaction, Mitsui also purchased a
15% stake in New Ocean from its existing shareholders. In addition
a Mitsui representative will join the Board of New Ocean, alongside
existing representatives from XL, Stone Point Capital, and
Management. XL remains the majority shareholder in New Ocean.
Chris McKeown, CEO of New Ocean,
commented: "We are delighted to welcome Mitsui as an investor and
owner. Mitsui has invested with New Ocean since 2014, and the
substantial commitment to our strategies as well as their ownership
stake is validation of New Ocean's unique platform. Mitsui's
commitment to New Ocean provides the ability to draw investor
capital, over time, at key renewal dates in the reinsurance
calendar, as opportunities present themselves. Mitsui is a
bellwether investor with substantial global relations and reach,
which we anticipate will bring substantial value to the continued
growth of our business."
Craig Wenzel, Head of Alternative
Capital at XL, added: "Mitsui's increased investment in New Ocean
reflects the growth and development of the New Ocean platform and
it's gratifying to see such a high caliber corporate investor join
the New Ocean family. New Ocean is a cornerstone to XL's long-term
commitment to alternative capital, which will increasingly become
more relevant in our business going forward."
Takashi Nakai, General Manager of
Insurance Business Department at Mitsui, commented: "We are very
excited to increase our investment with New Ocean and partnering
with XL, Stone Point, and
Management, to help New Ocean grow. We decided to grow our
affiliation with New Ocean due to the experience and expertise of
its investment team led by Chris
McKeown, and its differentiated access to risk, which
combines market-facing capabilities with an affiliation with XL and
its substantial distribution network. At Mitsui, we are
committed to building long-term businesses that will benefit Mitsui
and other investors over time. For this reason, we are
pleased to join New Ocean as a strategic investor, at a time when
we believe ILS / reinsurance will become more appealing to
institutional investors in Japan,
and across the globe."
About New Ocean Capital Management Limited
New Ocean Capital Management Limited is a Bermuda-based asset manager founded by XL and
Stone Point Capital in 2013 to provide unique access to the
traditional (re)insurance market, the collateralized reinsurance
market and the reinsurance capital markets.
About Mitsui & Co. Ltd.
Mitsui & Co., Ltd. ("Mitsui"), founded in 1947, is one of
the most diversified and comprehensive trading, investment and
service enterprises in the world. Utilizing global operating
locations, network and information resources, Mitsui is
multilaterally pursuing business that ranges from product sales,
worldwide logistics and financing, through to the development of
major international infrastructure and other projects in the
following fields: Iron & Steel Products, Mineral & Metal
Resources, Infrastructure Projects, Integrated Transportation
Systems, Chemicals, Energy, Food, Food & Retail Management,
Healthcare & Service, Consumer Business, IT & Communication
Business, Corporate Development Business.
About XL Group Ltd
XL Group Ltd (NYSE: XL), through its subsidiaries and under the
XL Catlin brand, is a global insurance and reinsurance company
providing property, casualty and specialty products to industrial,
commercial and professional firms, insurance companies and other
enterprises throughout the world. Clients look to XL Catlin
for answers to their most complex risks and to help move their
world forward. To learn more, visit www.xlgroup.com.
About Stone Point Capital LLC
Stone Point Capital LLC is a financial services-focused private
equity firm based in Greenwich, CT. The firm has raised and
managed six private equity funds – the Trident Funds – with
aggregate committed capital of approximately $13 billion. Stone
Point targets investments in the global financial services
industry, including investments in companies that provide
outsourced services to financial institutions, banks and depository
institutions, asset management firms, insurance and reinsurance
companies, insurance distribution and other insurance-related
businesses, specialty lending and other credit opportunities,
mortgage services companies and employee benefits and healthcare
companies. For further information about Stone Point, see www.stonepoint.com.
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SOURCE New Ocean Capital Management Limited