CHAUCER CREATES THOPAS RE SIDECAR WITH THIRD-PARTY CAPITAL BACKING

Chaucer has created a reinsurance sidecar with backing from third-party capital to support syndicate 1084’s global reinsurance portfolio. Bermuda-based Thopas Re has been formed with $95m of third-party investor capital, and will reinsure a share of Chaucer’s US and international property catastrophe portfolio with immediate effect. John Fowle, Chaucer’s chief executive, said the deal is a key development in the evolution of the business. “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,” he said. TigerRisk Capital Markets & Advisory acted as sole structuring and placement agent on the transaction, with Mayer Brown LLP and Appleby (Bermuda) Limited acting as legal counsels.