ICMIF Supporting Member QBE Re has completed its debut casualty sidecar, achieving a transaction size of more than USD 550 million in fully collateralised quota share reinsurance.

Backed by institutional investors Culpeper Capital Partners and Calidris Investment Partners, as well as global specialty reinsurer Compre, the transaction will enhance QBE Re’s capital flexibility and provide additional capital for its core cedants.

“We are excited to announce the successful completion of our inaugural casualty sidecar, George Street Re,” said QBE Group’s Chief Financial Officer, Chris Killourhy.

“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,” he added.

Nick Hankin, QBE Re Managing Director, said: “Thanks to the support of our new partners, we will be able to meet a continued growth in demand from our cedants whilst maintaining an optimal net portfolio and diversifying our sources of capital.”

The transaction was enabled by GC Securities, a division of MMC Securities LLC, which acted as the sole structuring agent and placement agent.

Quentin Perrot, GC Securities, Managing Director, said: “We are delighted to have assisted QBE Re in their first casualty sidecar transaction. The quality of the QBE Re portfolio allowed us to engage positively with leading insurance investors that had the experience and sophistication necessary to negotiate a successful transaction for all parties.”