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News - Validus goes for 75% Q/S with new sidecar.
(From Reinsurance)
Class of 2005 start-up Validus Re has announced that it has done a two-year sidecar collateralised quota-share retrocession deal with Petrel Re, a new Bermuda reinsurance company set up with $200m in capital by the First Reserve Corporation private equity group.
Under the deal, Petrel Re is assuming a 75% quota share of certain lines of marine and offshore energy reinsurance contracts underwritten by Validus Re for the 2006 and 2007 underwriting years.
Other lines of business are expected to be added over time. Although no premium income targets were released, Validus Re said it will underwrite and retrocede reinsurance contracts to Petrel Re consistent with agreed underwriting guidelines, enabling Validus Re to leverage its resources.
Validus Re will pay Petrel Re a reinsurance premium in the amount of the ceded percentage of the original written premium on the business reinsured with Petrel Re, less a ceding commission that includes a reimbursement of direct acquisition expenses as well as a commission to Validus Re for generating the business.
The treaty also provides for a profit commission ...
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