Resilience Re Ltd. (Series 15121A)

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Resilience Re Ltd. (Series 15121A) - At a glance:

  • Issuer / SPV: Resilience Re Ltd. (Series 15121A)
  • Cedent / Sponsor: ?
  • Placement / structuring agent/s: Willis Capital Markets & Advisory acted as structuring agent and bookrunner
  • Risk modelling / calculation agents etc: ?
  • Risks / Perils covered: California earthquake
  • Size: $57m
  • Trigger type: ?
  • Ratings: NR
  • Date of issue: Dec 2015

Resilience Re Ltd. (Series 15121A) - Full details

The first listed private catastrophe bond transaction from Willis Capital Markets & Advisory’s Resilience Re Ltd. issuance platform.

On the 31st December 2015 a $57 million private catastrophe bond issue from Resilience Re was listed on the Bermuda Stock Exchange (BSX), sitting under a newly listed Resilience Re Ltd. ILS Note Program. This is the first private cat bond, or cat bond lite, issued through the Resilience Re platform that we have heard of.

The transaction features a $57 million ($56.99988m to be precise) tranche of Series 15121A (a naming convention we assume refers to the year 2015, month 12, deal 1, Class A) principal-at-risk notes, which were accepted for listing on the BSX on the 31st December 2015. The notes appear to have a risk period of one year, with maturity scheduled for the 9th January 2017.

Resilience Re was designed with property catastrophe risks in mind and while we can’t confirm, it is likely safe to assume that this $57 million Series 15121A issuance provides a cedent with reinsurance protection for certain catastrophe risk exposures.

It’s also likely safe to assume that this Resilience Re transaction is part of a reinsurance renewal. The Resilience Re platform was designed with reinsurance placements in mind, so that cedents could leverage the capital markets seamlessly alongside traditional placements.

Update: This Resilience Re private cat bond features risk sourced from the California Earthquake Authority (CEA) and was transacted as a way for investors to participate in its reinsurance renewal on a liquid, securitised basis.

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