Hanover Insurance Group Inc.'s international specialty insurance group, Chaucer, has sponsored the formation of a reinsurance sidecar to provide collateralized capacity for Chaucer Syndicate 1084's global property reinsurance portfolio in 2018.
Bermuda-based Thopas Re Ltd., a newly formed segregated account company, will lead the transaction, which includes $95 million 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, starting Jan. 1, 2018.
TigerRisk Capital Markets & Advisory acted as sole structuring and placement agent on the transaction. Mayer Brown LLP and Appleby (Bermuda) Ltd. provided legal counsel.
