XL renews with smaller $136m Cyrus Re II retro sidecar
Bermudian reinsurer XL Re has announced a quota share reinsurance treaty with a newly-formed Bermuda reinsurance company, Cyrus Re II.
Xl's previous retro sidecar founded in 2005 was known as Cyrus Re and was capitalised with $500m. Under the treaty, Cyrus Re II will assume a 10% cession of certain lines of property catastrophe
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