The world’s largest reinsurer, Munich Re, has added another Bermuda sidecar to its roster after $75 million of participating notes from a special purpose insurer called Eden Re I was listed.

The move follows a similar $290 million Eden Re II Ltd vehicle listing on the Island just before Christmas.

Industry experts said the listings confirmed Munich Re’s intention to make more use of alternative capital and maximise relations with capital market investors.

Munich Re launched its Eden Re Ltd sidecar, a $63 million collateralised vehicle that provided it with capacity to support its property catastrophe business, a year ago.

The latest sidecar was listed on the Bermuda Stock Exchange late last month.

Eden Re I is being registered as a segregated accounts company, as well as a special purpose insurer, leading to the issuance of segregated account participating notes.

This likely makes it more suitable for deals involving single large investors, where the Eden Re II vehicle looks more like a multi-investor vehicle as the notes it issued were not for a segregated account.

According to financial website Artemis, the participating notes issued by Eden Re I are “exposed to a wide range of perils” including earthquake, seismic and/or volcanic disturbance or eruption, hurricane, rainstorm, storm, tempest, tornado, tidal waves and tsunamis.

Artemis said the type of deals set up by Munich allowed the firm to access third-party capital to support its underwriting and retrocede a share of business to the investors.

They are similar to a catastrophe bond or private insurance linked security (ILS) deal, but allow for a full quota share of the reinsurers’ portfolio to be offered to ILS insurers if it chooses.