Lancashire whips out Accordion for another year
Insurance underwriter Lancashire Holdings has renewed Accordion Insurance, its reinsurance 'side-car' vehicle set up to enable reinsurance contracts to be collateralised.
Insurance underwriter Lancashire Holdings has renewed Accordion Insurance, its reinsurance 'side-car' vehicle set up to enable reinsurance contracts to be collateralised.
Flexibly capitalised for up to $250 million, Accordion was launched in May 2011 as a fully collateralised side-car quota share reinsurance arrangement with an innovative capital draw down feature. Lancashire will extend the facility for at least another year.
"The renewal of the Accordion facility allows Lancashire to continue to offer property retrocessional coverage at attractive rates following the accumulation of international property catastrophe losses during 2010 and 2011 which reduced
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
the amount of available reinsurance," said group Chief Executive Officer Richard Brindle.
"Supported by the Accordion capacity Lancashire remains well positioned to take advantage of these underwriting opportunities, particularly in the event of an active US storm season," Brindle added.
JH
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
HSBC returns to cost-cutting plan
HSBC is set to revamp its commercial banking division – but will it come at a cost?
By Dr Matthew Partridge Published
-
UK ranked as ninth-worst country for property investment
High taxes and rising transaction costs have put pressure on the UK's buy-to-let sector. Is the UK still profitable?
By Chris Newlands Published