Arch's Voussoir sidecar issues 10,760 Series 2026-9 preferred shares

Voussoir Re Ltd., the Bermuda special-purpose insurer Arch Capital established in 2019 to give third-party investors access to its underwriting, has issued another series of preferred shares. The new series is 2026-9, consisting of 10,760 preferred shares. The shares are non-voting and redeemable, each with a par value of $0.01. They are listed on the Bermuda Stock Exchange as insurance-linked securities, according to Artemis, with Artex Corporate Services (Bermuda) Ltd. acting as listing sponsor. The series uses a segregated account inside the vehicle named Voussoir Re 2026-9.

Artemis describes the vehicle as a regularly used feature of Arch's third-party capital activities, with several share issuances each year, some listed on the BSX and some private placements that are less visible. Voussoir began as a quota-share sidecar and has since been used for collateralized reinsurance and the issuance of insurance-linked notes. Its role, in Artemis's telling, has shifted toward a conduit that connects investors and risk in several formats, including a route into fund-like strategies. Artemis's reinsurance sidecar directory tracks the structure's preferred-share and participating-note issuances. Investors who buy these shares get a claim on the returns of Arch's underwriting, not on a single event.

The direction of travel shows up in an earlier allocation. Artemis reported that Eaton Vance, part of Morgan Stanley Investment Management, allocated to a reinsurance sidecar strategy for its mutual funds through the Voussoir Re structure earlier this year. Mutual funds need repeatable exposure, and a series-based vehicle with segregated accounts can supply that without standing up a new offshore entity for each commitment. The same platform that ran a simple quota-share deal in 2019 now supports a cadence of preferred-share series and listed notes.

The public record is thin. The Artemis report does not include a subscription price per share or a total amount raised, and it leaves the underlying risks between Arch and the investors who bought in. What is public is the cadence. The prior listed series, 2026-3, came in April with 1,000 shares. The current one, 2026-9, brings 10,760. For a platform Arch has been drawing on since 2019, that cadence is the point.

Sidecar capital is usually quiet money, and Voussoir's BSX listings are among the few visible signs of it. Each new series suggests Arch wants more capacity at current prices. Each listing also says the platform itself is the product: a machine that turns underwriting appetite into investor paper in series. The more routine the listings look, the more adaptable Arch's third-party capital base has become.