Ariel Reinsurance Ltd. has joined the list of start-up reinsurers hoping to capitalize on higher post-Katrina property rates.
The Bermuda-based company announced it began operations Saturday as a Class 4 Bermuda licensed reinsurer following funding from its parent company, Ariel Holdings, in the amount of $1 billion.
The company said it plans on "providing meaningful new capacity to the reinsurance market during this period of heightened demand, and intends to broaden its business into direct insurance as conditions warrant."
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