Swiss Re Insurance-Linked Fund Management

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Alpha Terra Validus II

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Alpha Terra Validus II – At a glance:

  • Issuer: Alpha Terra Validus II
  • 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: Jan 2018

Alpha Terra Validus II – Full details:

The renewal transaction has again been issued through the Aon Insurance Managers owned White Rock Insurance (SAC) Ltd. Class 3, Class C and segregated accounts reinsurance company.

The reinsurance vehicle, acting on behalf of a segregated account named Alpha Terra Validus II, has issued $5 million of Alpha Terra Validus II principal at-risk zero coupon notes, which will be due for maturity on the 15th January 2019. The notes have been listed on the Bermuda Stock Exchange (BSX) and placed with qualifying investors, which will have been funds managed by AlphaCat.

The $5 million of notes provide retrocessional reinsurance protection to Terra Brasis Re, for certain Latin American property catastrophe risks, likely earthquake exposures we understand. We also understand that this is an indemnity triggered private cat bond.

Being a zero coupon note arrangement, the Alpha Terra Validus II private cat bond will have seen the cedent funding the premium upfront, which offers a kind of leverage to the investor, like collateralized reinsurance arrangements.

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