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An alternative, highly customized reinsurance arrangement, similar to a short-term, retrocession or fully collateralized quota share agreement. In essence, a private party agrees to fund a selected line or book of business at an agreed layer of loss. In exchange, that party is able to participate in the profits and fees earned by that line or book. Among the advantages is that a reinsurer gains access to more capital without the obligation of reporting a traditional reinsurance arrangement or debt obligation.