Accordion clear for another year

Insurer Lancashire Holdings has renewed its sidecar, Accordion Reinsurance, for another underwriting year. 

The sidecar will write a quota share of Lancashire’s property retro portfolio for the 2012 year.

Lancashire focuses on aviation, energy, marine, property and terrorism insurance.

Lancashire chief executive Richard Brindle said: “The renewal of the Accordion facility allows Lancashire to continue to offer property retrocessional coverage at attractive rates following the accumulation of international property catastrophe losses during 2010 and 2011 which reduced the amount of available reinsurance.”

Accordion was launched in May 2011 with flexible capacity of up to $250mn (£160.67m).

 

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