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Former reinsurance broker Tony Belisle has secured a draw-down facility of more than $1bn from institutional investors to launch a collateralised reinsurance cat fund on Bermuda.

The new fund manager, Catco Investment Management, is expected to go live on 1 December, Trading Risk can reveal.

The fund offers another example of capital markets capacity gearing up in advance of a harder (re)insurance market should a large event occur in 2010/11.

It has capital "scaleable to beyond $1bn depending on reinsurance...

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  Broker taps $1bn for new cat fund
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