Bermudian re/insurer, Alterra is getting ready to launch another sidecar ahead of the midyear US renewal season.According to a filing with the US Securities and Exchange Commission, Alterra has signed an agreement with BMO Capital Markets to place a proposed share offering for special purpose insurer, New Point V.If successful, the sidecar will be Alterra’s second vehicle in 12 months, following the more than $200 million New Point IV transaction a partnership with Stone Point Capital LLC that was backed by its private equity firm, Trident V. The sidecar was established to create additional capacity for the property catastrophe collateralised reinsurance market.Alterra, which formed when Max Capital and Harbor Point merged in 2010, has experience with sidecars from both Max Capital and Harbor Point. Before the merger, Harbor Point had launched New Point I, II and III. All three sidecars were also dedicated to providing collateralised property catastrophe retro coverage or industry loss warranties. New Point I and II included outside investors, while New Point III which was launched after the financial crisis of 2008, did not.