Kiskadee Re completed its first deals at the 1 June renewals
Hiscox has brought new sidecar Kiskadee Re to market, which it has capitalised 100%. The special purpose insurer (SPI) was licensed by the Bermuda Monetary Authority in April and completed its first deals at the 1 June Florida book renewals.
“This SPI complements our rated platforms in Lloyd’s and Bermuda (both rated A by AM Best) and ensures that we are able to continue to offer our clients a complete range of reinsurance products,” said Hiscox Bermuda senior vice-president Adam Alvarez.
It is not the first time the (re)insurer has launched a fully collateralised SPI. In 2006, in the hard market that followed Hurricanes Katrina, Rita and Wilma in 2005, Hiscox launched its first sidecar Panther Re.
Last year, Hiscox Bermuda announced it was joining forces with hedge-fund-backed start-up Third Point Re, to develop a new catastrophe reinsurance investment fund.