TransRe, the reinsurance division of Transatlantic Holdings, has registered a fifth underwriting vehicle in Bermuda.
Pangaea Reinsurance IX, registered in April this year, is the fifth fully-collateralised vehicle it has formed on the Island and follows Pangaea Reinsurance IV, which was registered two years ago.
TransRe uses its sidecars to allow third-party investors to share in its underwriting with each being set up using a different risk profile, while Transatlantic earns a fee for managing the money.
This latest sidecar indicates that investor appetite for reinsurance risks remain strong.
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