Topsail Re

What Topsail Re does

Topsail Re is a privately held reinsurance company founded in 2018 and domiciled in the Cayman Islands as Topsail Reinsurance SPC, Ltd., with US-based underwriting services operations in Greensboro, NC and Hoffman Estates, IL. The company writes a diversified book of treaty and proportional reinsurance across property catastrophe, property retrocession, property and casualty per-risk, casualty and property quota shares, and captive solutions. It targets regional insurance carriers, mutuals, and specialty/program writers — segments underserved by large, bureaucratic reinsurers — and distributes through major reinsurance brokers (Guy Carpenter, Aon, Willis, Beach, JLT Re, TigerRisk, BMS, Trean) as well as strategic JVs.

The company's revenue model is premium-based, accepting risk in exchange for reinsurance premiums written on both quota share and proportional bases across multiple lines. It also operates a program management arrangement with UFG Insurance (effective February 2021) under which Topsail underwrites and manages commercial and personal casualty reinsurance on behalf of United Fire & Casualty Company. In February 2024, Topsail formed a joint venture with Bishop Street Underwriters (a RedBird Capital portfolio company), extending its reach into PE-linked specialty distribution.

Topsail is closely held under Topsail Holdings, Inc., seeded by ultra-high net worth investors with no outside shareholders historically, though it secured third-party growth capital in February 2025 alongside a rebrand. In-force premiums reached $1.5 billion as of that rebrand, up from $100M+ in its first six months of operations in 2019 and $300M+ on balance sheet by 2021. Leadership is staffed by veterans of JLT Re, Arch Re, Munich Re, Swiss Re, Scor, and XL Group, and Topsail received Program Manager's 2022 "Reinsurer of the Year" award. The company has been actively building out technology and analytics functions, appointing its first CIO (Jason Callaway) in April 2026.

Name

Topsail Re

Legal name

Topsail Reinsurance SPC, Ltd

Website

https://topsailre.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Topsail Re is a privately held Cayman Islands-domiciled reinsurer providing quota share, property catastrophe, per-risk, retrocession, and captive reinsurance solutions to regional insurance carriers, mutuals, and specialty program writers across the United States.

Ownership category

akta.pro rank

Product category

Reinsurance Services

NAICS

Reinsurance Carriers (52413), Reinsurance Carriers (524130), Insurance Carriers (5241)

akta.pro primary industry

Catastrophe Excess-of-Loss (XoL) Reinsurance (FSAOACAH)

akta.pro secondary industry

Property Facultative Reinsurance (FSAOAFAA)

Keywords

• Reinsurance services
• Property catastrophe coverage
• Quota share reinsurance
• Retrocession arrangements
• Captive reinsurance solutions

Headquarters

HQ city

Greensboro

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Reinsurance Premiums: Topsail Re generates revenue through reinsurance premiums written across multiple lines including auto quota shares, property catastrophe, property retrocession, per-risk property, captive solutions, and casualty quota shares. The company writes business on both quota share and proportional basis, accepting risk in exchange for premium.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Topsail Re is a privately held reinsurance company that provides traditional and bespoke reinsurance solutions to insurance companies. The company writes business across multiple lines including auto quota shares, property catastrophe risks, property retrocession, per-risk property, captive solutions, casualty quota shares, and proportional arrangements. Topsail Re assumes risk in exchange for reinsurance premiums, targeting regional insurance carriers and mutuals seeking long-term reinsurance partnerships.

Product overview

Topsail Re is a privately held reinsurance company that offers a portfolio of reinsurance products designed to partner with insurance companies. The company provides six core reinsurance products: Captive Solutions, Casualty Quota Share, Property and Casualty Per Risk, Property CAT, Retrocession Property CAT, and Property Quota Share. These offerings are structured as traditional and bespoke reinsurance solutions targeting regional insurance carriers and mutuals, with a focus on long-term partnerships over opportunistic transactions. The company also entered into a program management agreement with UFG Insurance to underwrite and manage commercial and personal casualty reinsurance on behalf of United Fire & Casualty Company.

Differentiator

Problem solved

Functional benefit

Products and services

• Captive Solutions
• Casualty Quota Share
• Property and Casualty Per Risk
• Property CAT
• Retrocession Property CAT
• Property Quota Share

Quantifiable outcome

• Writing $100mn+ premium in first year of operations (2019)
• +2 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Bishop Street UnderwriterscoreStrategic or Co-development Partner · 27 March 2024Joint venture between Bishop Street Underwriters (a RedBird Capital Portfolio Company) and Topsail Re announced March 27, 2024. The partnership enables both companies to leverage their respective capabilities in reinsurance arrangements.
• UFG InsurancecoreStrategic or Co-development Partner · 23 February 2021Topsail Re entered into a program management agreement with UFG Insurance for companion lines arrangement wherein both companies risk share on certain lines of business. Effective February 15, 2021, Topsail underwrites and manages commercial and personal casualty reinsurance on behalf of United Fire & Casualty Company, a wholly owned subsidiary of UFG. The partnership is described as having significant aligned interests and similar cultures.

Scale indicators7 records

Recent moves9 records

Expansion highlights5 records

Emerging players

• Mosaic Insurance: Newer specialty insurer/reinsurer launched with significant private capital. Compares to Topsail Re as a fellow emerging specialist leveraging nimble underwriting and institutional backing to win mandates in segments underserved by incumbents.

Broad incumbents

• Markel Group: Specialty insurer/reinsurer with diversified operations including property, casualty, and reinsurance. Comparable as a broad specialty incumbent with overlapping client segments and similar emphasis on long-term, relationship-driven underwriting.
• Hannover Re: One of the world's largest multi-line reinsurers, including significant property catastrophe and casualty quota share business. Comparable as a broad incumbent competing for the same cedant relationships Topsail Re targets.
• Swiss Re: Global multi-line reinsurer offering proportional and non-proportional structures across virtually all lines. Comparable as a broad incumbent against which Topsail Re's nimble, flexible positioning is differentiated, and as a benchmark for capital deployment scale.
• PartnerRe: Multi-line global reinsurer with strong specialty and property catastrophe franchises. Comparable as a broad incumbent that competes for the same cedant mandates and quota share opportunities Topsail Re targets.
• Everest Re: Bermuda-domiciled multi-line reinsurer with strong US regional carrier relationships and property catastrophe franchise. Comparable as an established mid-to-large multi-line reinsurer operating in Topsail Re's product and customer space.
• Munich Re: World's largest reinsurer with global multi-line operations across property, casualty, and specialty. Comparable as the broad incumbent against which Topsail Re positions itself when courting regional carriers seeking alternatives to traditional capacity.

Direct peers

• Convex Group: Bermuda-domiciled specialty re/insurer founded in 2019 by industry veterans with significant private capital backing. Directly comparable to Topsail Re in its multi-line approach, founder-led model, and targeting of specialty/regional client segments.
• Ariel Re: Bermuda-based specialty reinsurer writing property catastrophe and other lines for cedants globally. Comparable to Topsail Re in product mix, Bermuda/Caribbean domicile, and specialty underwriting focus.
• Vantage Risk: Specialty re/insurer built around a multi-line platform including property catastrophe and casualty. Comparable to Topsail Re in its specialist positioning, private capital backing, and focus on underserved client segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/topsail-re-topsail-holdings-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Topsail Re