Accordion Reinsurance Ltd.

The Artemis Collateralized Reinsurance Sidecar Directory provides information on fully-collateralized reinsurance sidecar vehicles established to enable third-party investors to share in the returns of insurance or reinsurance business.

Unsure what a reinsurance sidecar is? Read our explanation here: What is a reinsurance sidecar?

Accordion Reinsurance Ltd. sidecar snapshot

  • Reinsurance sidecar: Accordion Reinsurance Ltd.
  • Sponsor: Lancashire Holdings
  • Launched: May 2011
  • Latest size: $250m (as at June 2012)

Accordion Reinsurance Ltd. sidecar details

Lancashire chose to renew its fully-collateralized reinsurance sidecar vehicle, Accordion Reinsurance Ltd., for twelve months in June 2012, flexibly capitalised up to $250m. At the time of renewal, the sidecar vehicle was launched to enable Lancashire to take advantage of retrocessional reinsurance market conditions. Accordion Re acts as a quota share reinsurer for Lancashire Insurance Company Limited on its worldwide property retrocession business, deploying capital when market conditions are most attractive to enable Lancashire to underwrite additional cover.

Lancashire initially launched its fully-collateralized reinsurance sidecar, Accordion Re Ltd. in May 2011, again flexibly capitalised up to $250m and acting as a quote share reinsurer of Lancashire Insurance Company Ltd.

Soon after its launch and registration in Bermuda, in February 2012, Lancashire grew the reinsurance sidecar vehicle by a further $75m, securing capital from existing Accordion Re investors. Interestingly, the additional $75m capital was raised to be specifically deployed for the 1st April Japanese reinsurance renewals.

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