QBE Re, the reinsurance arm of global insurance group QBE, has completed its first casualty sidecar, George Street Re, marking its entry into the sidecar market with a fully collateralized quota share reinsurance transaction in excess of $550 million.
The George Street Re sidecar, backed by institutional investors Culpeper Capital Partners, Calidris Investment Partners and global specialty reinsurer Compre, reinsures a portion of QBE Re’s global casualty reinsurance portfolio, enhancing its capital flexibility and providing additional capacity to its core cedants.
Compre’s reported participation in specific segments of Sidecar reflects its expanding interest in low-volatility, long-tail underwriting and its continued commitment to innovative capital solutions across the reinsurance value chain.
Compre noted that its participation also supports a structure that provides a forward exit mechanism for other capital providers, thereby enhancing Compre’s ability to work with sponsors and investors seeking capital term flexibility and certainty.
GC Securities, a division of MMC Securities LLC, served as the exclusive structuring agent and placement agent for the transaction, while Mayer Brown LLP served as legal counsel for the transaction.
QBE Group Chief Financial Officer Chris Killourhy commented: “We are delighted to announce the successful completion of our first casualty sidecar, the George Street Re.
“The transaction leverages our Bermuda platform, QBE Capital, and is designed to fit the needs of our business while establishing new long-term partnerships with alternative capital providers.”
Nick Hankin, managing director of QBE Re, said: “Thanks to the support of our new partners, we will be able to meet the continued growth needs of our cedants, while maintaining an optimal net portfolio and diversifying our capital sources.”
Quentin Perrot, Managing Director of GC Securities, added: “We are delighted to assist QBE Re with its first casualty sidecar transaction.
“The quality of QBE Re’s portfolio allows us to actively engage with leading insurance investors who have the experience and sophistication required to negotiate successful transactions for all parties.”
Chief Underwriting Officer Rachel Bardon said: “George Street Re represents a high-quality application of third-party capital in global casualty reinsurance.
“Our participation reflects Compre’s growing interest in low-volatility, long-tail underwriting lines and our ability to support structures that balance long-term risk transfer with forward exit flexibility from capital providers.”
You can find more information in the table of contents of our sister publication Artemis, which tracks collateralized reinsurance sidecar structures, initiations and renewals by year, including details of sidecar sponsors, the classes of insurance and reinsurance underwritten and the size of each collateralized reinsurance vehicle.
