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ILN SAC Ltd. Series 2019-1

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ILN SAC Ltd. Series 2019-1 – At a glance:

  • Issuer: ILN SAC Ltd.
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: N/A
  • Risk modelling / calculation agents etc: N/A
  • Risks / perils covered: Unknown property catastrophe risks
  • Size: $10m
  • Trigger type: Industry loss index
  • Ratings: NR
  • Date of issue: Oct 2019

ILN SAC Ltd. Series 2019-1 – Full details:

This is the first listed transaction from the Tullett Prebon owned and operated Insurance Linked Notes (ILN) platform.

Two tranches of notes have been issued by ILN SAC Ltd. and both have been admitted for listing on the Bermuda Stock Exchange (BSX) as insurance related securities.

ILN SAC Ltd. has issued a $9.525 million tranche of Class PS notes and a $475,000 tranche of Class PB notes, which will correspond to the buyer and seller protection notes that the ILN platform produces for each of its transactions (PS being seller notes notes, PB being buyer).

Both tranches, so the full $10 million of notes, are due for maturity on September 18th 2020, suggesting the underlying industry loss based reinsurance or retro protection is for roughly one year.

This first issuance and settlement of catastrophe risk linked notes through the ILN platform was recently completed and involved at least one ILS fund manager, in LGT ILS Partners.

The arrangement was an industry loss based deal, likely retrocessional reinsurance in nature and uses a trigger from PCS, which is now acting as the reporting agent for the transaction.

LGT ILS Partners, the specialist ILS fund management unit of global asset manager LGT, was revealed as one of the parties involved in this first ILN deal.

The transaction likely featured an ILW risk transfer between ILS funds (with LGT one party), or a retrocessional reinsurance arrangement for a specific reinsurer counterparty.

The size of the deal was not revealed in the announcement last week, but it now turns out it was a $10 million transaction.

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