Bermuda: Munich Re launches another reinsurance sidecar
Posted On: Jan. 5, 2015 12:00 AM CSTMunich Reinsurance Co. has added another Bermuda sidecar, as participating notes worth $75 million from special purpose insurer Eden Re I Ltd. were listed, The Royal Gazette reported.
Munich Re recently launched a similar $290 million Eden Re II Ltd. vehicle following the launch of $63 million collateralized reinsurance sidecar Eden Re Ltd. in early 2014.
The participating notes issued by Eden Re I are "exposed to a wide range of perils," said financial website Artemis.bm.
The sidecar launches confirm the reinsurer's intention to make more use of alternative capital, industry experts said.