HAMILTON, Bermuda, Jan. 14, 2014 /PRNewswire/ -- New Ocean Capital Management Limited ("New Ocean"), a Bermuda-based asset management company dedicated to the insurance and reinsurance capital markets, announced today its successful launch of two reinsurance investment strategies. In addition to capital furnished by its founders, XL Group ("XL") and funds managed by Stone Point Capital LLC ("Stone Point"), New Ocean has received capital commitments from funds managed, respectively, by Dowling Capital Partners I, L.P. ("Dowling Capital"), and a global asset manager. Dowling Capital has also acquired an equity participation in the company. New Ocean deployed capital in reinsurance programs incepting during the important January 1, 2014 renewal cycle.
Chris McKeown, Chief Executive Officer of New Ocean, commented "It is extremely gratifying to attract such sophisticated and industry-leading investors to our platform. It is a reflection of the confidence in our strong institutional ownership by XL and Stone Point managed funds, as well as a validation that reinsurance is a sustainable asset allocation for alternative and institutional investors."
About New Ocean Capital Management Limited
New Ocean Capital Management Limited, principally owned by XL Group and Stone Point managed funds, is a Bermuda-based asset manager focused on (re)insurance related investment strategies. Its offices are located at 3 Bermudiana Road, Hamilton HM08, Bermuda. Telephone: 441 294-7530.
The information contained in this press release is for informational purposes only and does not constitute an offer or invitation to buy, sell, or otherwise transact in any security.
CONTACT: Chris McKeown, Chief Executive Officer, 441 294-7530
SOURCE New Ocean Capital Management Limited