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The Hanover Insurance Group Inc. said Thursday that its Chaucer international specialty insurance group has created a reinsurance sidecar to provide collateralized capacity for Chaucer Syndicate 1084's global property reinsurance portfolio in 2018.
Bermuda-based Thopas Re Ltd. will reinsure a share of Chaucer's U.S. and international property catastrophe portfolio through an exclusive quota share agreement beginning Jan. 1, 2018, The Hanover said.
Thopas Re, a newly formed segregated account company, will be initially capitalized with $95 million of third-party investor capital.
TigerRisk Capital Markets & Advisory acted as sole structuring and placement agent on the transaction. Mayer Brown L.L.P. and Appleby (Bermuda) Ltd. provided legal counsel, the statement said.
"The creation of a reinsurance sidecar provides Chaucer and The Hanover with another means of leveraging our strong underwriting capabilities, and is a first step in creating new relationships with capital market partners," said Jeffrey Farber, executive vice president and chief financial officer at The Hanover, in the statement.
Hanover Insurance Group Inc.'s chief financial officer, David B. Greenfield, died over the weekend at age 53.