Cyrus Re

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?

Cyrus Re sidecar snapshot

  • Reinsurance sidecar: Cyrus Re
  • Sponsor: XL Group
  • Launched: December 2005
  • Latest size: $635m (as at December 2006)

Cyrus Re sidecar details

The $525m fully-collateralized reinsurance sidecar vehicle, Cyrus Re, was established by XL in late 2005 in order to assume a portion of the property catastrophe risks taken on by XL through its business in Bermuda, Dublin, continental Europe and Toronto.

The special-purpose quota share counter-party, Cyrus Re, acts as a reinsurer of XL property catastrophe and retrocessional business and was issued with a duration of two underwriting years, although with mutual consent this could be extended.

A year after its launch, in December 2006, the fully-collateralized reinsurance sidecar had a capital base of $635m, following additional contributions.

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