Panthera Re Limited (Series 2018-1)

The Artemis Catastrophe Bond and Insurance-linked Securities Deal Directory aims to provide a one-stop resource for information on every cat bond and ILS transaction we hold information on. The content of this Deal Directory is provided as is and there will be some omissions. Help us to keep these cat bond and ILS transaction summaries up to date by contacting us if you see an error or omission that you can correct.

Panthera Re Limited (Series 2018-1) - At a glance:

  • Issuer / SPV: Panthera Re Limited (Series 2018-1)
  • Cedent / Sponsor: Unknown
  • Placement / structuring agent/s: Unknown
  • Risk modelling / calculation agents etc: Unknown
  • Risks / Perils covered: Property catastrophe risks
  • Size: $100m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Feb 2018

Panthera Re Limited (Series 2018-1) - Full details

The Panthera Re Ltd. special purpose insurer (SPI) was registered in Bermuda on January 23rd and has executives from ILS and reinsurance management, servicing, risk transformation and fronting specialist Horseshoe Group and also Estera Services (Bermuda) Limited listed as its directors.

On February 26th 2018, a Panthera Re Limited Principal At-Risk Variable Rate Notes Program and the first $100 million series of notes under that program were admitted for listing on the Bermuda Stock Exchange (BSX).

Panthera Re issued a single $100 million tranche of Series 2018-1 Class A Principal At-Risk Variable Rate Notes, which have a due date of March 9th 2020.

The notes therefore likely cover a two-year reinsurance or retrocessional arrangement, with the collateral raised used to underpin the contract liabilities.

The $100 million of Series 2018-1 notes issued by Panthera Re Ltd. were placed with qualified investors and listed under classification Section V – Insurance Related Securities.

We're told that the notes will pay investors a coupon of 3.5% in their first risk period.

As ever, we assume that the underlying risks will be property catastrophe related.

It’s not clear whether this is a private catastrophe bond issuance or some type of special purpose sidecar arrangement, but the end result is the same.

A layer of reinsurance or retrocessional risk has been transformed and securitised through Panthera Re Limited, so that the risks can be transferred to capital market investors through the issuance and sale of the notes.

Horseshoe Corporate Services Ltd. acted as the listing sponsor for the Panthera Re issuance and note program.




Go back to the Catastrophe Bond Deal Directory

The Artemis Catastrophe Bond & Insurance-Linked Securities Deal Directory is copyright © Steve Evans Ltd. Reproduction or publication without permission is not permitted. Use of this information within a commercial product, or for profit, without a license is strictly prohibited. Contact us if you would like to use this content or to discuss licensing.














Jardine Lloyd Thompson Capital Markets













Credit Suisse Insurance Linked Strategies