Axa and Renaissance invest in ICAT Managers

Axa Corporate Solutions Re and Renaissance Re are to take stakes in catastrophe insurance specialist ...

Axa Corporate Solutions Re and Renaissance Re are to take stakes in catastrophe insurance specialist International Catastrophe Insurance Managers (ICAT Managers).
Axa has made a $3m equity investment in ICAT Managers and will take a seat on its board of directors. It has also made available a $2m line of credit.
Renaissance Re is to convert a previously extended $1.5m note to equity.
ICAT Managers, which is based in Colorado, was formed in 1998 and underwrites earthquake and windstorm cover for commercial properties throughout the US.
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