While growth in sidecar capital reflects a healthy demand for insurance-linked returns, long-term success will depend on the level of sophistication of structures sitting behind carrier balance sheets, Anthony McKelvy, Managing Partner of collateralized reinsurance company Northern Re told Artemis.
Speaking to Artemis around the time of the 2026 Monte Carlo Rendez-vous event, McKelvy shared what Northern Re’s perspective is regarding the momentum that the casualty reinsurance sidecar market has gained in recent years, along with the company’s insights regarding the relationship between carriers and sidecar investors.
The outstanding market for collateralized reinsurance sidecar structures has experienced rapid momentum in recent years, with the market growing by more than $5 billion in capacity terms over the course of full-year 2025, with casualty and non-catastrophe vehicles heavily cited as being key driver of the market’s expansion.
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