Aspen Insurance Holdings Ltd. and PIMCO Investment Management Co. LLC said Tuesday they have formed Pando Re Ltd., a Bermuda-domiciled collateralized insurer and reinsurer focused on casualty business.
Aspen will be the sole successor to Pando Re and PIMCO will be its exclusive investment manager, the companies said in a joint statement.
The statement said Pando Re will participate in Aspen’s casualty insurance, global professional lines, cyber and casualty reinsurance business through a multi-year, quota share reinsurance agreement, under which Aspen will receive loss coverage, paying premiums And commission has to be earned.
Capital to support Pando Re’s business plan is being provided by investments from PIMCO-managed funds.
