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?
Petrel Re sidecar snapshot
- Reinsurance sidecar: Petrel Re
- Sponsor: Validus
- Launched: May 2006
- Latest size: $200m (as at December 2007)
Petrel Re sidecar details
Validus Holdings, Ltd.’s reinsurance subsidiary, Validus Re, launched fully-collateralized retrocession reinsurance sidecar, Petrel Re in May 2006 with capitalisation of $200 million. The sidecar was designed to last for two years and was subsequently not renewed at the end of the 2007 underwriting year.
Private equity group First Reserve Corporation was the sidecars main investor. At the time of launch Validus said “Petrel Re is assuming a 75 percent quota share of certain lines of marine and offshore energy reinsurance contracts underwritten by Validus Re for the 2006 and 2007 underwriting years. Other lines of business are expected to be added over time.”
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