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
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
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.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Would you delay retirement to help your children through university?
Parents are missing out on as much as £45,000 that could have gone into their pensions because they are using that money to pay their children’s way through university, according to new research
-
Family face £100k stamp duty bill after avoidance scheme crashes in court – the mistakes to avoid
A couple faces a substantial stamp duty bill after trying to reduce the amount they owed