Alpha Terra Validus I

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Alpha Terra Validus I – At a glance:

  • Issuer: Alpha Terra Validus I
  • Cedent / sponsor: Terra Brasis Re
  • Placement / structuring agent/s: ?
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: Latin American property catastrophe risks
  • Size: $5m
  • Trigger type: Indemnity
  • Ratings: NR
  • Date of issue: Feb 2017

Alpha Terra Validus I – Full details:

This $5 million Alpha Terra Validus I private catastrophe bond has been issued by AlphaCat Managers, the third-party reinsurance capital and ILS fund management unit of Validus Group, for sponsor Terra Brasis Re and is the first cat bond to feature Latin American perils.

The Alpha Terra Validus I private cat bond is structured on an indemnity trigger basis, AlphaCat explained and is the first cat bond ever sponsored by a Brazilian company.

The transaction was issued using the Aon Insurance Managers owned White Rock Insurance (SAC) Ltd. Class 3, Class C and segregated accounts reinsurance company.

The White Rock Insurance (SAC) Ltd. vehicle, acting in respect of a segregated account named Alpha Terra Validus I, listed $5 million of Alpha Terra Validus I principal at-risk zero coupon notes on the BSX as insurance related securities. The notes are due January 15th 2018, so represent a single annual reinsurance contract.

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