Validus goes for 75% Q/S with new Petrel Re sidecar
Class of 2005 start-up, Validus Re has announced that it has done a two-year sidecar collateralised quota share retrocession deal with Petrel Re, a new Bermuda reinsurance company set up by the First Reserve Corporation private equity group.
Under the deal Petrel Re is assuming a 75 percent quota share of certain lines of marine and offshore energy reinsurance contracts underwritten by Validus Re for the 2006 and 2007 underwriting years.
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