Compre Group Holdings Ltd, the Bermudian-domiciled reinsurer, will participate in George Street Re, the first casualty sidecar launched by QBE Re.

The transaction exceeds $550 million of fully collateralised quota share reinsurance and marks QBE Re’s entry into the casualty sidecar market. George Street Re reinsures part of QBE Re’s global casualty reinsurance portfolio.

Rachel Bardon, chief underwriting officer at Compre, said: “George Street Re represents a high-quality application of third-party capital to global casualty reinsurance.

“Our participation reflects Compre’s growing appetite for low-volatility, long-tailed underwriting lines and our ability to support structures that balance long-term risk transfer with forward exit flexibility for capital providers.”

Compre said the transaction strengthens its position in the evolving reinsurance and insurance-linked capital markets. The legacy insurer and reinsurer has spent 30 years acquiring and managing discontinued non-life business, with operations in Bermuda, Europe, Britain and at Lloyd’s.