Voussoir Re Ltd., the Bermuda-based collateralized reinsurance sidecar style special purpose insurance (SPI) vehicle of Arch Capital, has issued new Series 2021-9 shares, showing the sponsor continuing to use this structure to partner with capital market investors.Arch Capital Group, the Bermuda headquartered insurance and reinsurance specialist, registered Voussoir Re Ltd.in Bermuda in 2019 and has since used the special purpose insurer and segregated accounts vehicle both as its main quota share sidecar structure and for collateralised reinsurance arrangements and issuance of insurance-linked notes to investors.Back in 2019,  , which we understand to have been a quota share based sidecar style arrangement for Arch Capital.

, featuring a $20 million Class A tranche of Series 2020-1 notes and a $56.5 million Class B tranche, again a sidecar like quota share issuance For 2021, .The latest issuance to come to light from Voussoir Re Ltd.is a little different, as it doesn’t involve participating notes, which are more typically issued for quota share sidecar deals.

Instead, this latest issuance from Voussoir Re Ltd.features preferred shares, which can be linked to more perpetual issues from sidecars, or private quota share arrangements between a cedent and a single insurance-linked securities (ILS) fund or investor.In this case, Voussoir Re Ltd.

has issued 570, in number, Series 2021-9 preferred shares, using a segregated account 2021-9, each of which have a nominal par value of $0.01.The preferred shares have all been privately placed with qualified institutional investors, but it isn’t clear whether this is a single ILS investor or whether the shares will be syndicated out to support a quota share arrangement.The underlying could be a quota share, or an excess-of-loss arrangement and we’re learned that Arch has been using Voussoir Re to issue notes that some investors consider to be akin to catastrophe bonds, with a number of cat bond funds holding Voussoir Re Ltd.

notes within their portfolios, we’ve been told.So it seems more likely this could be a private arrangement, or a new perpetual sidecar arrangement, rather than the same annual quota share issuance that we’ve reported on previously from Voussoir Re Ltd.But, as ever with these ILS transactions, details are limited, so we can’t be sure of the exact structure and underlying risks associated with this latest Voussoir Re issuance.

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