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Investor group forms offshore sidecar for Lloyd's syndicates


HAMILTON, Bermuda—An unnamed group of investors has established a Bermuda-based sidecar to provide reinsurance to Lloyd's of London syndicates.

The special-purpose vehicle, called Syncro Ltd., has been formed in Bermuda, although it has not yet applied for authorization from the Bermuda Monetary Authority.

Syncro is looking to offer Lloyd's managing agents additional capacity in the form of reinsurance. According to a statement issued on behalf of the company by international law firm Clyde & Co., Syncro will replicate sidecars, which are typically capital market-backed offshore SPVs offering reinsurance for a limited period of time.

Syncro will be available to any managing agency "irrespective of size, allowing syndicates with small stamp capacity to access the advantages of a sidecar arrangement without incurring the setup costs," according to the statement.