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The Asia Pacific risk-focused vehicle was a little smaller than the first launch but both are ongoing. -
The reinsurer typically renews the deal in two parts each year.
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The shortage of sidecar capacity could have a knock-on impact to broader renewals.
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The collateralised sidecar of Everest Re was hit by higher cat losses in the period.
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Sidecars have lost some of their lustre in recent years but are still generally seen as an efficient diversifier.
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The new generation of vehicles is driven by a lively legacy market and innovations in structuring deals for long-tail risk.
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The deal covers the reinsurer’s worldwide cat XL book, as Scor plans to ramp up P&C growth.
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The firm launched the special purpose Bermuda-registered insurer at the end of 2020.
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The insurer remained in underwriting profit despite the winter storm losses.
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One primary vehicle delivered a significant loss but many others are likely to have had their best year since 2016.
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This suggests the Asia-focused sidecar has grown nearly 40% for 2021.
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The move follows Fidelis’ decision to hand back $275mn it had raised for a retro vehicle.
