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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.
Go back to the Artemis Collateralized Reinsurance Sidecar Directory.