QBE Re has launched its inaugural casualty sidecar, George Street Re, marking its entry into the sidecar market with a transaction exceeding US$550m in fully collateralised quota share reinsurance.
The vehicle is backed by institutional investors Culpeper Capital Partners and Calidris Investment Partners, alongside global specialty reinsurer Compre.
The sidecar reinsures part of QBE Re’s global casualty portfolio, providing additional capacity for cedants while enhancing capital flexibility.
GC Securities acted as sole structuring and placement agent, with Mayer Brown serving as deal counsel. The business is reinsured through multiple cells of Mangrove Risk Solutions Bermuda Ltd, a Bermuda-exempted company licensed as a Class 3 insurance company.
Chris Killourhy, QBE group CFO, said: “We are excited to announce the successful completion of our inaugural casualty sidecar, George Street Re. The transaction leverages our Bermuda platform, QBE Capital, and is designed to be adaptive to our business needs while building new long-term partnerships with alternative capital providers.”
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