New Company Altus Holdings To Enter Alternative Insurance Market

A new holding company has been created by the Trident Partnership L.P., Risk Capital Reinsurance Company, EXEL Limited and Marsh & McLennan Risk Capital Holdings, to provide underwriting management services and compete in the rent-a-captive segment of the alternative insurance market. The new company, Altus Holdings Limited, has been capitalized with an investment of $35 million.

The new company has created a U.S. subsidiary, Altrisc Services, Inc. which will provide underwriting management services. Working through brokers, Altrisc will arrange licensed or approved insurers and provide structuring advice for program and agency property and casualty business utilizing rent-a-captives. In addition, Altrisc will structure alternative market insurance solutions for corporate clients and their advisors.

The company recently created a Bermuda insurance and reinsurance subsidiary, Alternative Re Limited, to provide rent-a-captive and other risk financing solutions to corporations and intermediaries managing business portfolios.

David May, formerly a managing direct of Marsh & McLennan, will serve as president of Altus as well as Altrisc with Frank Pellegrino, formerly president of the Homestead Insurance Company, becoming executive vice president of Altrisc.