New Ocean Capital Management Limited, a Bermuda-based asset manager founded by XL Group Ltd (NYSE: XL) and Stone Point Capital in 2013 to provide access to the traditional (re)insurance market, the collateralized reinsurance market and the reinsurance capital markets, has announced a new strategic relationship with Mitsui & Co., Ltd.
Mitsui has committed an initial $100m 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 the 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.