QBE Re, the reinsurance division of global insurance group QBE, has completed its debut casualty sidecar, George Street Re, marking its entry into the sidecar market through a fully collateralized quota share reinsurance transaction exceeding $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 for its core cedants.
Compre has reportedly participated in a defined portion of the sidecar, reflecting its expanding appetite for low-volatility, long-tailed underwriting lines and its continued commitment to innovative capital solutions across the reinsurance value chain.
Compre noted that its involvement also supports a structure that offers forward exit mechanisms for other capital providers, reinforcing Compre’s ability to partner with sponsors and investors seeking both flexibility and certainty over capital duration.
GC Securities, a division of MMC Securities LLC, acted as the sole structuring agent and placement agent for the transaction, while Mayer Brown LLP served as counsel to the deal.
Chris Killourhy, QBE Group Chief Financial Officer, commented, “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.”
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.”
Quentin Perrot, GC Securities Managing Director, added, “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.”
Rachel Bardon, Chief Underwriting Officer, stated, “George Street Re represents a high-quality application of third-party capital to global casualty reinsurance.
“Our participation reflects Compre’s growing appetite for low-volatility, long-tailed underwriting lines and our ability to support structures that balance long-term risk transfer with forward exit flexibility for capital providers.”
You can find more information in the directory of our sister publication, Artemis, which tracks collateralized reinsurance sidecar structures, launches, and renewals by year, including details on the sidecar sponsors, the classes of insurance and reinsurance covered, and the size of each collateralized reinsurance vehicle.
