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Apollo Global Management forms Bermuda-based reinsurer

Apollo Global Management LLC formed Acra Re Ltd., a Bermuda-based reinsurance vehicle listed as a class 3A and class C insurer with the Bermuda Monetary Authority, The Insurance Insider reported.

The vehicle will look to write large one-off property and casualty and life capital relief deals, as well as co-invest in legacy transactions alongside Catalina Holdings (Bermuda) Ltd. Sources told the news outlet that the private equity company may put capital into the vehicle to fund specific deals rather than injecting significant funds upfront, and a cell structure may be used to match different pools of capital with different transactions.