Oak Leaf Re Ltd. (Series 2012-1)
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Oak Leaf Re Ltd. (Series 2012-1) - At a glance:
- Issuer / SPV: Oak Leaf Re Ltd. (Series 2012-1)
- Cedent / Sponsor: Southern Oak Insurance Company
- Placement / structuring agent/s: Towers Watson Capital Markets arranged and placed the deal
- Risk modelling / calculation agents etc: ?
- Risks / Perils covered: U.S. hurricane
- Size: $22.78m
- Trigger type: Indemnity
- Ratings: NR
- Date of issue: Jun 2012
- Date of maturity (dd/mm/yyyy): 31/05/2013
- Artemis.bm news coverage: Articles discussing Oak Leaf Re Ltd. (Series 2012-1) from Artemis.bm
Oak Leaf Re Ltd. (Series 2012-1) - Full details
Towers Watson Capital Markets (TWCM) have announced the completion of a second Oak Leaf Re Ltd. privately placed catastrophe bond on behalf of a Florida homeowner’s specialty insurance company. This years transaction see’s them double the amount of cover being provided to the Florida insurer with Oak Leaf Re 2012-1 coming in at $22.78m in size.
Oak Leaf Re 2012-1 is a one year cat bond deal, as was last years 2011-1 transaction. It will provide the unnamed Florida homeowner’s specialty insurer with a $22.78m source of fully collateralized, indemnity based catastrophe reinsurance cover via the capital markets.
TWCM arranged for Oak Leaf Re 2012-1 to contain three layers of the cedant’s risk management program, including a reinstatement premium protection layer. That’s a broad coverage from a small cat bond and will have been attractive to the cedant as it will have allowed them to closely tie this to their wider reinsurance program. Similar to the 2011-1 deal, Oak Leaf Re 2012-1 also covered a layer that provided both top-layer and aggregate protection of the cedant’s program. TWCM say that this years deal also demonstrates that its private placement catastrophe bond offering has growing investor appeal, as Oak Leaf Re 2012-1 expanded the number of investors compared to its initial offering last year, with some investors participating in more than one layer.
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