Resilience Re Ltd. (Series 1861A)

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Resilience Re Ltd. (Series 1861A) - At a glance:

  • Issuer / SPV: Resilience Re Ltd. (Series 1861A)
  • Cedent / Sponsor: ?
  • Placement / structuring agent/s: Willis Towers Watson Securities acted as structuring agent and bookrunner
  • Risk modelling / calculation agents etc: ?
  • Risks / Perils covered: Property catastrophe risks
  • Size: $37m
  • Trigger type: ?
  • Ratings: NR
  • Date of issue: Jun 2018

Resilience Re Ltd. (Series 1861A) - Full details

This is the fourth issuance of a private catastrophe bond from the Willis Towers Watson owned Resilience Re Ltd. platform this year, a $37 million single tranche of Series 1861A discounted zero coupon notes.

This $37 million Resilience Re 1861A private cat bond is likely a renewal of the also $37 million Resilience Re Ltd. (Series 1761A) which matured recently.

As ever, details are scarce, due to the privately arranged and placed nature of the Resilience Re cat bond offerings, but we can assume the deal covers property catastrophe risks given their prevalence in the insurance-linked securities (ILS) marketplace.

In this latest deal, Resilience Re Ltd. has issued a single $37 million tranche of Series 1861A discounted zero coupon notes, which have been placed with qualified investors and admitted for listing on the Bermuda Stock Exchange (BSX) as Section V – Insurance Related Securities.

The notes are due June 7th 2019, suggesting they cover a one-year reinsurance arrangement from the mid-year renewal.

Willis Towers Watson Securities will have acted as the lead structuring agent and bookrunner for this private cat bond, structuring and facilitating the deal between sponsor and investors, through the transformation of a reinsurance arrangement into a securitised cat bond note with secondary liquidity features.

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