QBE Re enters sidecar market with George Street launch [Yahoo! Finance]
QBE INSURANCE GP S/ADR (QBIEY)
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Source: Yahoo! Finance
The move marks QBE's foray into the sidecar business. This structure provides fully collateralised quota share reinsurance and has been set up to reinsure a part of QBE Re's global casualty portfolio. George Street receives backing from Culpeper Capital Partners, Calidris Investment Partners and specialty reinsurer Compre. The arrangement is intended to improve capital management options for QBE Re and increase the available capacity for its primary cedants. QBE Group chief financial officer Chris Killourhy 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.” The deal was facilitated by GC Securities, a division of MMC Securities, which acted as structuring and placement agent. Legal counsel was provided by Mayer Brown. The
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