Syndicate 6103

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.

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Syndicate 6103 sidecar snapshot

  • Reinsurance sidecar: Syndicate 6103
  • Sponsor: Managing Agency Partners Ltd. (MAP)
  • Launched: January 2007
  • Latest size: £12.5m ($19.28m, as at January 2015)

Syndicate 6103 sidecar details

The syndicate 6103 reinsurance sidecar facility was the first Lloyd’s sidecar capitalised in Lloyd’s, launched in January 2007 by Managing Agency Partners Ltd. (MAP) with an initial size of £42.8m (roughly $87m). The sidecar vehicle was established to write a quota share of the US catastrophe reinsurance account of MAP’s Syndicate 2791. Of the initial £42.8m of capital raised for the sidecar, £396,000 was contributed by the underwriters and other MAP members, with the remaining balance coming from third-party investors.

In 2008 the Syndicate 6103 reinsurance sidecar had a capital base of roughly £39.5m, slightly declining again the following year to £39.4m.

In 2010 MAP again reduced the size of its Syndicate 6103 sidecar, bringing the vehicle’s capitalisation for the year to £33.7m. In January 2011 MAP decreased the size of the vehicle yet again, to £28.8m.

2012 saw MAP increase the size of its Syndicate 6103 venture to £31.5m.

For 2015 MAP’s Syndicate 6103 reinsurance sidecar vehicle has a capital base of £12.5m, a significantly smaller size than when it was established in 2007. £737,000 of the vehicle’s capacity is funded by the underwriters and other MAP members, with the remaining balance coming from third-party investors.

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