Bermuda-based Alterra Capital Holdings Ltd has announced the formation of New Point IV, a sidecar vehicle established to create additional capacity for the property catastrophe collateralised reinsurance market.New Point IV has been sponsored by Alterra in partnership with Stone Point Capital LLC through its private equity fund, Trident V L.P, with both companies committing up to $100 million in capital.Marty Becker, president and CEO of Alterra, said: “We are pleased to announce the formation of New Point IV in partnership with Stone Point. Given the recent series of global catastrophic events, which have had the effect of reducing the capital supporting the international property catastrophe reinsurance market, we believe that this is a very timely addition of capacity.”Charles Davis, CEO of Stone Point, said: “We are excited to partner with Alterra on New Point IV. We know the Alterra underwriting team well and admire their track record of strong underwriting discipline and profitability.”John Berger, Alterra’s vice-chairman and CEO of reinsurance, said: “Alterra has a history of successfully sponsoring sidecar vehicles and, with the creation of New Point IV, we believe we are well-positioned to serve our clients’ needs as they seek property catastrophe reinsurance.”