Reinsurance sidecars

Articles & news about reinsurance sidecars. Typically fully-collateralized, a reinsurance sidecar is a vehicle which an insurer or reinsurer can segregate a portfolio of risk into, often via a reinsurance quota-share, and allow investors to collateralize it in order to access the reinsurance businesses return.

Reinsurance sidecars are a popular way for investors to access the return of a specific reinsurer or a specific portfolio of risk.


RenaissanceRe further extends maturity of Fibonacci Re ILS notes

Bermudian reinsurance firm and third-party capital manager RenaissanceRe has opted for another extension of maturity for the remaining insurance-linked securities (ILS) notes from its Fibonacci Re Ltd. vehicle’s 2017 and 2018 issuances.The catastrophe bond like structure has seen its maturity dates extended repeatedly, presumably to allow for the collateral to read the full article →

New PFIC regs released, relevant to ILS & hedge fund reinsurance strategies

The U.S. Internal Revenue Service and Department of the Treasury has published a new set of proposed regulations relating to passive foreign investment companies (PFICs), which are relevant to many in insurance and reinsurance, but have particular relevance to certain ILS and hedge fund reinsurer strategies it seems.The updates to read the full article →

Carey Olsen promotes ILS specialist Gavin Woods to Partner in Bermuda

Law firm Carey Olsen Bermuda has promoted insurance-linked securities (ILS) specialist lawyer Gavin Woods to Partner at the firm.Gavin Woods, a lawyer with considerable experience in the ILS, catastrophe bond and collateralized reinsurance space joined Carey Olsen Bermuda in 2018.Prior to the firm, Woods had spent eight years focused on read the full article →

Stone Ridge ILS assets shrink another -4% to $5.93bn

Stone Ridge Asset Management's insurance and reinsurance linked assets under management shrank by another -4% in the latest quarter of record, finishing the period at $5.93 billion by the end of April as the manager continued to realise losses from catastrophes and redemptions.It's the first time the manager's two flagship read the full article →

Fidelis makes Vandoninck CEO of Socium third-party capital platform

Fidelis Insurance, the specialty insurance and reinsurance firm launched by Richard Brindle, has branded its third-party reinsurance capital activities as Socium, a name taken from its sidecar vehicle, and made Philip Vandoninck its CEO.Fidelis launched its first third-party capital vehicle, the collateralised reinsurance sidecar Socium Re Ltd., at mid-year 2018.The read the full article →

Pioneer ILS Interval fund shrinks further as losses continue to bite

In the last quarter of the record, Amundi Pioneer Investment Management’s dedicated insurance-linked securities (ILS) mutual investment fund strategy shrank further as losses and loss creep continued to dent returns and the value of ILS assets invested in.Given its broad allocation to reinsurance and retrocession, predominantly through sidecars (65.7%) and read the full article →

Liberty Mutual in $240m Limestone Re reinsurance sidecar transaction

U.S. primary insurer Liberty Mutual has completed another transaction using its collateralized reinsurance sidecar vehicle Limestone Re Ltd., with a $240 million issuance featuring listed and privately placed sidecar notes.This is the fourth placement that Liberty Mutual has completed using its Limestone Re reinsurance sidecar vehicle and also the second read the full article →

AXIS Capital in new $39m Alturas Re sidecar issuance

AXIS Capital, the global specialist re/insurer headquartered in Bermuda, has added another tranche of notes to its collateralised reinsurance sidecar vehicle Alturas Re Ltd., sponsoring a $39 million issuance, the third from the sidecar for 2019, we can reveal.In total this takes the amount of capital backing AXIS Capital's Alturas read the full article →

Oxbridge Re renews reinsurance sidecar for 2019 despite losses of prior year

Cayman Islands based reinsurance firm Oxbridge Re Ltd. has successfully placed a new series of notes from its collateralized reinsurance sidecar vehicle Oxbridge Re NS Ltd. as part of its 2019 reinsurance renewal.The sidecar note issuance has been successfully placed with investors despite the fact the sidecar faced a total read the full article →

Citi hires Philippe Kremer from Swiss Re for ILS structuring role

International banking, securities and investments group Citi has hired an experienced insurance-linked securities (ILS) and structured reinsurance expert in Philippe Kremer, who joined the firm from his most recent role at Swiss Re.Kremer has joined Citi's Strategic Risk Solutions group as a Director for Structured Solutions addressing all Global Markets, read the full article →