Sidecar
An alternative to traditional retrocession. Described by AM Best (2006 Annual Global Reinsurance Report, p.12) as the offspring both of investors looking for risk with potentially high returns and of reinsurers/insurers strapped for capital after the catastrophe losses [in the 2005 Atlantic hurricane season]. Used mainly for property and marine catastrophe reinsurance, but have also been created for life reassurance. Thought to have been first used in 2002. A sidecar is set up as a special-purpose vehicle (SPV – cf. also ISPV) with a defined purpose and limited lifetime. They are capitalised by third-party private investors – primarily hedge funds – and usually sponsored by a larger re/insurer. An SPV generally provides the sponsoring re/insurer with extra capacity through catastrophe quota-share or excess-of-loss reinsurance on an exclusive basis. It is also a way for a re/insurer to move selected – usually catastrophic – risks off its books while earning underwriting fees from the sidecar.
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