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LONDONHiscox P.L.C. has entered into a quota-share reinsurance arrangement with a Bermuda-based sidecar company.
London-based Hiscox, which itself will redomicile to Bermuda in December, said its Lloyd's of London syndicate 33 had entered into the reinsurance arrangement with Panther Re Bermuda Ltd., a $360 million Bermuda-based sidecar company formed by investment company W.L. Ross & Co L.L.C.
Hiscox said it intended to take advantage of "strong underwriting opportunities, particularly in United States catastrophe risks."
Under the sidecar deal, multiline syndicate 33 will be able to grow its book of property catastrophe reinsurance business during 2007 and 2008, Hiscox said.
Panther Re will assume a 40% pro rata share of syndicate 33's property catastrophe business for 2007, with a similar pro rata share to be agreed for 2008, Hiscox said.
"Creating access to more capital will allow us to take advantage of what we perceive will be a favorable market for writing catastrophe reinsurance business in 2007 and 2008. Syndicate 33 will also benefit by increasing its market presence and having more control over pricing and terms and conditions," Bronek Masojada, chief executive officer of Hiscox, said in a statement.