Lancashire has announced that it will shortly launch Saltire Re I Limited (“Saltire Re I”), a fully collateralised Bermuda incorporated special purpose insurer (SPI).
Saltire Re I will have capacity of up to US$250 million and the share capital will be owned by a syndicate of investors, with Lancashire investing approximately $33 million in the SPI.
Saltire Re I will underwrite a combined exposure ultimate net loss aggregate reinsurance product for the January 2013 reinsurance renewal season. Another new company, Saltire Management Limited (“Saltire Management”), which is wholly owned by Lancashire, will provide underwriting services to Saltire Re I.
Richard Brindle, the group chief executive officer of Lancashire, said that coupled with the successful launch of the Accordion sidecar in 2011, the creation of the Saltire vehicles represents a further development of Lancashire’s strategy to build partnerships with capital market participants.
“It affords the investors in Saltire Re I access to Lancashire’s underwriting expertise, and allows Lancashire the ability to generate fee income,” he said.
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Saltire Re I, SPI, Bermuda