QBE Re, the reinsurance segment of QBE Group, has launched its casualty sidecar, George Street Re, in a transaction totalling more than $550m (€471.27m).  

The move marks QBE’s foray into the sidecar business.  

This structure provides fully collateralised quota share reinsurance and has been set up to reinsure a part of QBE Re’s global casualty portfolio.  

George Street receives backing from Culpeper Capital Partners, Calidris Investment Partners and specialty reinsurer Compre. 

The arrangement is intended to improve capital management options for QBE Re and increase the available capacity for its primary cedants. 

QBE Group chief financial officer Chris Killourhy said: “We are excited to announce the successful completion of our inaugural casualty sidecar, George Street Re. The transaction leverages our Bermuda platform, QBE Capital, and is designed to be adaptive to our business needs while building new long-term partnerships with alternative capital providers.” 

 The deal was facilitated by GC Securities, a division of MMC Securities, which acted as structuring and placement agent. Legal counsel was provided by Mayer Brown.  

The reinsurance is written through various cells of Mangrove Risk Solutions Bermuda, a licensed Class 3 insurance company in Bermuda. 

Compre Group, an international reinsurance business based in Bermuda, has taken a defined portion of the sidecar. The transaction enables Compre to broaden its engagement in low-volatility and long-term underwriting classes.  

QBE Re managing director Nick Hankin said: “Thanks to the support of our new partners, we will be able to meet a continued growth in demand from our cedants whilst maintaining an optimal net portfolio and diversifying our sources of capital.” 

Hankin assumed this role on 1 January 2026.