Ibis Re Ltd. (Series 2010-1)
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Ibis Re Ltd. (Series 2010-1) - At a glance:
- Issuer / SPV: Ibis Re Ltd. (Series 2010-1)
- Cedent / Sponsor: Assurant
- Placement / structuring agent/s: Goldman, Sachs & Co. and Aon Benfield Securities, Inc. both worked on the structuring and arranging for this transaction
- Risk modelling / calculation agents etc: RMS
- Risks / Perils covered: U.S. hurricane
- Size: $150m
- Trigger type: Industry loss index
- Ratings: S&P: Class A - 'BB', Class B - 'B+'
- Date of issue: May 2010
- Artemis.bm news coverage: Articles discussing Ibis Re Ltd. (Series 2010-1) from Artemis.bm
Ibis Re Ltd. (Series 2010-1) - Full details
The second Ibis Re transaction, often dubbed Ibis Re II Ltd., started life as a $100m deal but due to investor demand Assurant closed this second Ibis Re deal at $150m.
The transaction provides Assurant with multi-year fully collateralized reinsurance cover for some of it’s U.S. Gulf, East Coast and Hawaii windstorm exposures. Ibis Re is structured in two tranches.
The transaction uses a PCS trigger and PCS are reporting agency for the deal working with a Risk Management Solutions risk model.
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