International specialty insurance group Chaucer has created a reinsurance sidecar to provide collaterised capacity for Chaucer Syndicate 1084’s global reinsurance portfolio.
Thopas Re Ltd, a newly formed segregated account company based in Bermuda, led the transaction, which includes US$95 million in third-party investor capital. As part of the deal, Thopas Re and Chaucer have entered an exclusive quota share agreement to reinsurer Chaucer’s US and international property catastrophe portfolio for 2018.
“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,” said John Fowle, CEO of Chaucer.
“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 was the sole structuring and placement agent for the transaction, while Mayer Brown LLP and Appleby (Bermuda) Ltd were tapped as legal counsels.
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