Swiss Re Insurance-Linked Fund Management

Xactanalysis Insights and PCS

Ibis Re Ltd. (Series 2010-1)

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Ibis Re Ltd. (Series 2010-1) – At a glance:

  • Issuer: Ibis Re Ltd. (Series 2010-1)
  • Cedent / sponsor: Assurant
  • Placement / structuring agent/s: Goldman, Sachs & Co. and Aon Benfield Securities, Inc. both worked on the structuring and arranging for this transaction
  • Risk modelling / calculation agents etc: RMS
  • Risks / perils covered: U.S. hurricane
  • Size: $150m
  • Trigger type: Industry loss index
  • Ratings: S&P: Class A - 'BB', Class B - 'B+'
  • Date of issue: May 2010
  • news coverage: Articles discussing Ibis Re Ltd. (Series 2010-1) from

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.

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