Bermuda-based (re)insurer Alterra has raised more than the planned $200m for its new sidecar, New Point IV.

Alterra and private equity firm Stone Point Capital, the lead investors, each put in $75m, with the remainder coming from six other investors.

Aon Benfield Securities acted as adviser to New Point IV.

New Point is one of three sidecars to be launched so far this year. Lancashire announced a $250m vehicle in May, while Validus launched its own $180m special purpose reinsurer at the beginning of June.