QBE Re has completed its first casualty sidecar transaction, marking the reinsurance division's entry into the sidecar market.
The vehicle, named George Street Re, provides more than US$550 million in fully collateralized quota share reinsurance.
The sidecar reinsures a portion of QBE Re's global casualty reinsurance portfolio. It is backed by institutional investors Culpeper Capital Partners and Calidris Investment Partners, along with specialty reinsurer Compre.
The transaction is structured through several cells of Mangrove Risk Solutions Bermuda Ltd., a Bermuda-based Class 3 insurance company. QBE said the sidecar leverages its Bermuda platform, QBE Capital.
The sidecar follows QBE's completion of a US$400 million catastrophe bond on Dec. 29, 2025, through its Bridge Street Re Ltd. program. That transaction marked the company's second issuance under the Bridge Street Re structure and provides three years of indemnity-based protection covering US named storms, US earthquakes, Australian earthquakes, and New Zealand earthquakes.
QBE Group chief financial officer Chris Killourhy (pictured above) said the sidecar is designed to adapt to the company's business needs.
"The transaction leverages our Bermuda platform, QBE Capital, and is designed to be adaptive to our business needs while building new long-term partnerships with alternative capital providers," Killourhy said.
Sidecars have gained traction in the reinsurance market, particularly for longer-tail casualty portfolios. Aon has observed that sidecars are becoming a growing source of proportional capacity across the sector.
Compre chief underwriting officer Rachel Bardon said the sidecar aligns with the company's interest in long-tailed underwriting lines.
"Our participation reflects Compre's growing appetite for low-volatility, long-tailed underwriting lines and our ability to support structures that balance long-term risk transfer with forward exit flexibility for capital providers," Bardon said.
GC Securities served as sole structuring agent and placement agent for the transaction. Mayer Brown LLP acted as deal counsel.
