QBE Re has launched its first sidecar, a $US550 million ($824 million) facility called George St Re.

It says the sidecar reinsures a portion of its global casualty reinsurance portfolio, giving it greater capital flexibility and additional capacity. 

Group CFO Chris Killourhy says the transaction used QBE’s Bermuda platform, QBE Capital, and builds “new long-term partnerships with alternative capital providers”.

In December, QBE Insurance closed a $US400 million ($599 million) catastrophe bond through its Bridge St Re program.

The bond provides three years of reinsurance for US named storms, US earthquakes, and quakes in Australia and New Zealand on an indemnity-per-occurrence basis.