A New York rating firm surfaced details Friday concerning a pair of the financial vehicles known as sidecars used to fund two Bermuda reinsurers.
Standard & Poor's Rating Services issued ratings for loans and debt obligations for Starbound Re, the Renaissance Reinsurance Limited sidecar, and for Bay Point Re, a Harbor Point Re Ltd. vehicle. Both are based in Pembroke.
A sidecar is essentially a special purpose vehicle in which third-party investors, such as hedge funds or private equity funds, collaborate with an underwriter to provide additional capacity to existing reinsurers for short-tail lines of business.
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