Lancashire launches new sidecar

Insurance group Lancashire Holdings is to launch a fully collateralised Bermuda incorporated special purpose insurer, Saltire Re 1.

Insurance group Lancashire Holdings is to launch a fully collateralised Bermuda incorporated special purpose insurer, Saltire Re 1.

The special purpose insurer, called a reinsurance sidecar in the insurance trade, will have capacity of up to $250m and the share capital will be owned by a syndicate of investors. Lancashire itself will invest some $33m in Saltire Re I.

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