Chaucer, the international specialty insurance group, today announced the creation of a reinsurance sidecar to provide collateralized capacity for Chaucer Syndicate 1084’s global reinsurance portfolio in 2018.

Bermuda-based Thopas Re Ltd., a newly formed segregated account company, will lead the transaction, which includes $95m of third-party investor capital. Thopas Re has entered into an exclusive quota share agreement with Chaucer to reinsure a share of Chaucer’s U.S. and international property catastrophe portfolio, beginning January 1, 2018.

TigerRisk Capital Markets & Advisory acted as sole structuring and placement agent on the transaction. Mayer Brown LLP and Appleby (Bermuda) Limited acted as legal counsels.

John Fowle, Chaucer CEO, said:

“This is a key development in the evolution of our business, providing us with greater scope and flexibility to support the evolving needs of our clients.

Thopas Re increases the options available to us for both accepting and managing risk, while also introducing new capital market partners to our strong underwriting capabilities and international reach.”