Aspen, PIMCO create Bermuda-domiciled Pando Re - Business Insurance

Aspen Insurance Holdings Ltd. and PIMCO Investment Management Co. LLC on Tuesday said they had formed Pando Re Ltd., a Bermuda-domiciled collateralized insurer and reinsurer focused on casualty business.

Aspen will be the sole cedant to Pando Re, and PIMCO its exclusive investment manager, the companies said in a joint statement.

Pando Re will participate in Aspen’s casualty insurance, global professional lines, cyber and casualty reinsurance business via a multiyear, quota share reinsurance agreement under which Aspen will receive loss coverage, pay premiums, and earn commissions, the statement said.

The capital to support Pando Re’s business plan is being provided by investments from a PIMCO-managed fund.

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