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Report: AXIS Capital upsizes Alturas Re sidecar to $130M

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Report: AXIS Capital upsizes Alturas Re sidecar to $130M

AXIS Capital Holdings Ltd. upsized its new Alturas Re Ltd. collateralized re/insurance sidecar to $130 million for 2019, Artemis reported.

The company issued $75 million of series 2019-2 class A participating notes due March 10, 2023, after issuing an initial tranche of $55 million of series 2019-1 class A notes with a similar maturity date before the end of December 2018.

The second issuance is reportedly a reinsurance-focused sidecar transaction that gives collateralized retrocession support to AXIS Capital's property catastrophe reinsurance portfolio, while the initial issuance was for a portfolio of property insurance risks.