The variable rate note programme and securities issued by the Vitality Re III Ltd. special purpose vehicle have been admitted for listing to the Cayman Islands Stock Exchange. The recently completed medical benefit linked insurance-linked security transaction provides insurer Aetna with a source of reinsurance cover against medical benefit claims breaching pre-defined trigger points on a medical benefit ratio index.
The Vitality Re III programme is valid until 2017 meaning that further tranches of notes could be issued through it in future. The securities are in two tranches; $105m of Series 2012-1 Class A notes and $45m of Class B notes, both of which are due on 7th January 2015.
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