Swiss Re Insurance-Linked Fund Management

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Cerulean Re SAC Ltd. (Series 2019-E1)

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Cerulean Re SAC Ltd. (Series 2019-E1) – At a glance:

  • Issuer: Cerulean Re SAC Ltd.
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: GC Securities is structuring agent and bookrunner
  • Risk modelling / calculation agents etc: Unknown
  • Risks / perils covered: Unknown property catastrophe risks
  • Size: $25m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Sep 2019

Cerulean Re SAC Ltd. (Series 2019-E1) – Full details:

This is the third private catastrophe bond transaction to be issued by Cerulean Re SAC Ltd., the ILS issuance platform operated by reinsurance broker Guy Carpenter.

Cerulean Re SAC Ltd. has issued $25 million of Series 2019-E1 principal at risk variable rate notes under its ILS Note Program.

The notes will have been sold to investors or ILS funds and the proceeds from their sale will have been used as collateral to underpin linked reinsurance or retrocession contracts.

The $25 million of Series 2019-E1 notes are due May 31st 2020 and were admitted for listing yesterday on the Bermuda Stock Exchange (BSX) as insurance related securities.

As ever with these private cat bond or ILS deals details are scarce.

We assume the notes will represent a securitisation of a property catastrophe reinsurance or retrocession contract and likely feature U.S. perils given the end of May due date.

Given this is the Guy Carpenter operated issuance platform, it’s safe to assume that the reinsurance brokers capital markets unit GC Securities will have acted as sole arranger, structuring agent and placement agent or bookrunner for this issuance of private cat bond notes.

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