Ibis Re Ltd. (Series 2010-1) – Full details:
The second Ibis Re transaction, often dubbed Ibis Re II Ltd., started life as a $100m deal but due to investor demand Assurant closed this second Ibis Re deal at $150m.
The transaction provides Assurant with multi-year fully collateralized reinsurance cover for some of it’s U.S. Gulf, East Coast and Hawaii windstorm exposures. Ibis Re is structured in two tranches.
The transaction uses a PCS trigger and PCS are reporting agency for the deal working with a Risk Management Solutions risk model.