Cardinal Re launch takes Hiscox ILS assets over USD600m
Hamilton, Bermuda, (14 September, 2015) – Kiskadee Investment Managers, Hiscox Re’s insurance linked securities (ILS) operation, has launched Cardinal Re Ltd; a Bermuda domiciled Special Purpose Insurer designed to transform collateralised insurance and reinsurance risk into a security more suited for capital market investors. The launch of Cardinal Re takes Kiskadee Investment Managers’ assets under management to over USD600million.
Cardinal Re, wholly owned by Hiscox and managed by Kiskadee Investment Managers, is a market ready platform able to quickly create sidecars and managed accounts in a segregated cell. Registered under the Segregated Accounts Companies Act 2000, Cardinal Re launched its first external investor cell in July 2015, with the transformation of a portfolio of Hiscox insurance risk into a transaction supported by USD55 million of external capital.
Cardinal Re adds additional flexibility to Hiscox’s use of alternative capacity for insurance or reinsurance risk, providing investors with unique market access to risk sourced within the Hiscox Group.
Commenting on the launch of Cardinal Re, Jeremy Pinchin, CEO Hiscox Re, said: “The launch of Cardinal Re is the latest development in our Kiskadee offering and takes assets under management to more than USD600million, in only its second year of operation.
“Cardinal Re, with its nimble and flexible segregated cell structure, can respond quickly and is an effective way for completing transactional deals where speed to market is critical. It offers additional opportunities for both investors and cedants alike to benefit from our growing Kiskadee family of insurance linked products, and reflects the growing confidence from investors to take both insurance and reinsurance risks.”
For further information please contact:
+44 (0) 207 448 6656
+1 441 278 8300
Sebastian St. John-Clarke
+44 (0) 7779 702191
Notes to editors
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting divisions in the Group - Hiscox London Market, Hiscox Re and Hiscox Retail (which includes Hiscox UK and Europe, Hiscox Guernsey, Hiscox USA and subsidiary brand, DirectAsia). Hiscox underwrites internationally traded, bigger ticket business and reinsurance through Hiscox Re and Hiscox London Market. Through its retail businesses in the UK, Europe and the US Hiscox offers a range of specialist insurance for professionals and business customers, as well as homeowners.
For further information, visit www.hiscoxgroup.com.
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