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Latham & Watkins Advises Stone Point Credit and Axis Capital in Launch of Collateralized Insurer Monarch Point Re

November 6, 2023
Members of the firm’s M&A and Private Equity Practice, Insurance Industry Group, and Transactional Tax Practice advised on the structuring, formation, and capital raise of the new Bermuda-based collateralized insurer.

Stone Point Credit, the credit-investing platform of alternative investment firm Stone Point Capital, has partnered with AXIS Capital (NYSE: AXS), a global specialty underwriter and provider of insurance and reinsurance solutions, together with its direct and indirect subsidiaries and branches, to launch Monarch Point Re, a newly created collateralized reinsurer. The launch was accompanied by a capital raise of over US$400 million of equity, including a US$75 million equity investment from Stone Point Credit and a US$75 million equity investment from a subsidiary of AXIS Capital. Monarch Point Re, which will operate in Bermuda, will underwrite a diversified portfolio of casualty reinsurance business retroceded by subsidiaries of AXIS Capital. Stone Point Credit will serve as Monarch Point Re’s exclusive investment manager and expects to invest in a diversified portfolio of corporate credit.

Latham & Watkins LLP represented Stone Point Credit and AXIS Capital in the transaction with a corporate deal team led by New York partners Gary Boss, Analisa Dillingham, and Kirsten Gaeta and New York counsel Benjamin Lee. New York partners Jiyeon Lee-Lim and Elena Romanova, with associate Aaron Bernstein, advised on tax matters.