Resilience Re Ltd. (Series 1711A)

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Resilience Re Ltd. (Series 1711A) - At a glance:

  • Issuer / SPV: Resilience Re Ltd. (Series 1711A)
  • Cedent / Sponsor: ?
  • Placement / structuring agent/s: Willis Capital Markets & Advisory acted as structuring agent and bookrunner
  • Risk modelling / calculation agents etc: ?
  • Risks / Perils covered: Property catastrophe risks
  • Size: $63m
  • Trigger type: ?
  • Ratings: NR
  • Date of issue: Feb 2017

Resilience Re Ltd. (Series 1711A) - Full details

Another private catastrophe bond has been issued through the platform owned by insurance, reinsurance and capital markets broker and advisory Willis Towers Watson, a $63 million Resilience Re Ltd. (Series 1711A) transaction.

This new $63 million Resilience Re 1711A private cat bond is the fifth on the Willis private cat bond platform we’ve seen and listed in our Deal Directory.

The transaction saw a single $63 million Series 1711A tranche of discounted zero-coupon participating notes issued by Resilience Re Ltd. and admitted for listing on the Bermuda Stock Exchange (BSX) Section V Insurance Related Securities, with the notes placed with qualified investors.

As with the majority of privately placed catastrophe bond transactions, we assume that the Resilience Re 1711A notes cover property catastrophe reinsurance risks, given the dominance of those perils in the ILS and collateralised reinsurance market, but details of the exact nature of this transaction are unavailable at this time.

Willis Capital Markets & Advisory will have played the joint roles of structuring agent and bookrunner for this deal, enabling the ceding company and investor to transform a reinsurance arrangement into a securitised cat bond note with secondary liquidity possible thanks to the listing as well.




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