TigerRisk creates new ILS vehicle
A new reinsurance sidecar has been launched on Bermuda by Chaucer. This is the first such venture launched by the speciality insurer.
Thopas Re, a newly formed segregated account company based on Bermuda, will provide collateralized capacity for Chaucer Syndicate 1084’s global reinsurance portfolio in 2018.
The venture includes $95m of third-party investor capital.
John Fowle, Chaucer’s CEO, said the launch of Thopas Re will offer the insurer greater flexibility to service the evolving needs of its clients.
Thopas Re has entered into an exclusive quota share agreement with Chaucer to reinsure a share of Chaucer’s US and international property catastrophe portfolio, beginning January 1, 2018.
John Fowle, Chaucer CEO, said: “This is a key development in the evolution of our business, providing us with greater scope and flexibility to support the evolving needs of our clients.
Thopas Re increases the options available to us for both accepting and managing risk, while also introducing new capital market partners to our strong underwriting capabilities and international reach.”
TigerRisk Capital Markets & Advisory acted as sole structuring and placement agent on the transaction. Mayer Brown and Appleby (Bermuda) acted as legal counsels.
Chaucer, Reinsurance sidecar, Thopas Re, Syndicate 1084, London, Bermuda, UK