Hiscox makes collateralised flutter through Kiskadee Re
Hiscox used its newly launched Bermudian special purpose insurer (SPI) Kiskadee Re to complete several collateralised reinsurance transactions at the June renewals, Hiscox senior vice president Adam Alvarez told Trading Risk.
"This SPI complements our rated platforms in Lloyd's and Bermuda and ensures that we are able to continue to offer our clients a complete range of reinsurance products," he said.
Kiskadee Re - named after a Bermudian bird - was established on 15 April, according to filings with the Bermuda Monetary Authority.
It is believed Hiscox seeded the structure with its own capital.
Hiscox has also invested in a cat fund established by start-up reinsurer Third Point Re.