Harbor Point Ltd. has announced that its affiliate, New Point Re III, Ltd., will continue to offer collateralised retrocessional reinsurance coverage for contracts starting from January 1, 2010 onwards.

New Point has capacity to offer aggregate limits totalling up to $100 million.

This capacity will be utilised specifically for writing collateralised property catastrophe retrocessional contracts, including first and second event covers, regionally and worldwide, as well as Industry Loss Warranties.

Harbor Point's wholly-owned subsidiary, Harbor Point Agency Ltd. continues to provide all underwriting and management services to New Point.

John Berger, CEO of Harbor Point, said: "New Point will continue to provide capacity to the underserved retro marketplace.

" This is the fourth year of operation for New Point, which allows us to leverage our underwriting expertise while meeting client-specific needs and providing capital market investors with uncorrelated returns."

Aon Benfield Securities acted as placement agent for New Point.

Paul Schultz, president of Aon Capital Markets, said: "New Point addresses an important need within the reinsurance market.

"The underwriting discipline and reputation of the Harbor Point team are instrumental in attracting interest in this venture."