Catlin is planning to list an SPV called Long Bay Re on the Alternative Investment Market (AIM), a part of the London Stock Exchange. Long Bay Re, a Bermudian Class 3 reinsurer, is designed as a sidecar type reinsurer to provide Catlin with fully collateralised reinsurance cover for some of the Catlin groups catastrophe risk portfolio.
Horseshoe Management will manage the sidecar reinsurer and the deal is being arranged by Deutsche Bank AG under its Evergreen shelf facility. It’s the first such transaction under the Evergreen facility and could lead to more as this becomes another form of alternative capital for the reinsurance market.
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