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 for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
‘I installed a heat pump in my home – here are five things I’ve learnt’
From the size and noise of a heat pump to how much it costs to run one, Ruth Emery reveals what she’s learnt after installing one in her home six months ago
-
3 ways to work out if a stock is good value
The only thing you can really control in investing is the price you pay for an asset – but how can you tell if you’re getting a good deal when it comes to the price of a stock?