On July 25, 2013, XL Group (NYSE: XL) announced the formation of an investment management joint venture with Stone Point Capital LLC, a Greenwich-based private equity firm.
On July 25, 2013, XL Group (NYSE: XL) and Stone Point Capital LLC announced the formation of a new joint venture company that will act as an investment manager in insurance-linked securities and reinsurance capital markets products. The parties plan to invest up to an aggregate of $135 million and raise additional funds from third-party investors. XL has a 75% ownership interest in the new company and Stone Point has a 25% ownership interest. XL is global insurance and reinsurance company specializing in property, casualty, and specialty products. Stone Point is a financial services-focused private equity firm based in Greenwich, CT with approximately $9 billion in aggregate committed capital.
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