reinsurance sector.

Hampton Re Holdings Ltd. -- the holding company for the new Bermuda-based life reinsurance company -- is backed by New York bank JPMorgan.

The company said in a statement that it will focus on the assumption of in-force blocks of life insurance business, primarily on a retrocessional basis.

Reinsuring life insurance is a growing business, and several insurers have set up in Bermuda in the last few years with a focus on it.

"What has fuelled growth is consolidation in the (life) industry which has forced business to look for economies of scale and to focus on capital efficiencies,'' said chief operating officer Hank Sulikowski. "That focus is one of the advantages Bermuda has as an offshore jurisdiction.'' Hampton Re worked closely with JPMorgan in connection with its formation.

JPMorgan serves as the company's exclusive financial and investment advisor and JPMorgan's lending arm -- Morgan Guaranty Trust Company -- is providing the company with a multi-year credit facility.

"The credit facility is crucial in this business,'' Mr. Sulikowski said, adding that JPMorgan had also contributed to the $150 million in capital the company raised in its first round of capitalisation.

The company is now seeking further capital support.

New reinsurance firm arrives on Island "We are excited to be in Bermuda,'' he said. "We have seen the non-life sector grow in Bermuda and there are now several companies in the life area move here. In terms of offshore, this is the best place to be.'' Hampton Re's management team is headed by Bill Walker, formerly of Hannover Life Re, who will serve as president and chief executive officer.

Kaj Ahlmann, most recently vice chairman of E.W. Blanch and formerly chairman, president and CEO of Employer's Reinsurance Corporation, will serve as chairman of the board.

Hampton Re's business strategy is to participate in the growing market for reinsurance of in-force blocks of life insurance business which was Mr.

Walker's strategic focus during his eight year tenure as president and chief executive officer at Hannover Life Re, the statement said.

Joining Bill Walker on the management team are Mr. Sulikowski, formerly of Scottish Annuity & Life Holdings and Swiss Re, who will serve as chief operating officer and Phil Bieluch, formerly of Manulife Financial and Tillinghast, who will serve as chief actuary.

Hampton Re is located at Wessex House on Reid Street in Hamilton.

Additionally, two senior JPMorgan officers, including David Kimmel, head of Insurance Investment Banking for the Americas, serve on Hampton Re's Board of Directors.

New reinsurance firm arrives on Island "We are excited to be in Bermuda,'' he said. "We have seen the non-life sector grow in Bermuda and there are now several companies in the life area move here. In terms of offshore, this is the best place to be.'' Hampton Re's management team is headed by Bill Walker, formerly of Hannover Life Re, who will serve as president and chief executive officer.

Kaj Ahlmann, most recently vice chairman of E.W. Blanch and formerly chairman, president and CEO of Employer's Reinsurance Corporation, will serve as chairman of the board.

Hampton Re's business strategy is to participate in the growing market for reinsurance of in-force blocks of life insurance business which was Mr.

Walker's strategic focus during his eight year tenure as president and chief executive officer at Hannover Life Re, the statement said.

Joining Bill Walker on the management team are Mr. Sulikowski, formerly of Scottish Annuity & Life Holdings and Swiss Re, who will serve as chief operating officer and Phil Bieluch, formerly of Manulife Financial and Tillinghast, who will serve as chief actuary.

Hampton Re is located at Wessex House on Reid Street in Hamilton.

Additionally, two senior JPMorgan officers, including David Kimmel, head of Insurance Investment Banking for the Americas, serve on Hampton Re's Board of Directors.