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Isosceles Insurance Ltd. (Series 2021-H)

The Artemis Catastrophe Bond and Insurance-linked Securities Deal Directory aims to provide a one-stop resource for information on every cat bond and ILS transaction we hold information on. The content of this Deal Directory is provided as is and there will be some omissions. Help us to keep these cat bond and ILS transaction summaries up to date by contacting us if you see an error or omission that you can correct.


Isosceles Insurance Ltd. (Series 2021-H) – At a glance:

  • Issuer: Isosceles Insurance Ltd.
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: GC Securities is sole structuring agent and bookrunner
  • Risk modelling / calculation agents etc: Unknown
  • Risks / perils covered: Unknown property catastrophe risks
  • Size: $21.5m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Oct 2021

Isosceles Insurance Ltd. (Series 2021-H) – Full details:

This is the seventh private insurance-linked security (ILS) or catastrophe bond issuance we’ve listed from the Isosceles Insurance Ltd. platform operated by Marsh McLennan and reinsurance broker Guy Carpenter.

In this latest issuance to come to light, Isosceles Insurance Ltd. has issued one new tranche of privately placed insurance-linked notes, or private cat bonds, totalling $21.5 million of risk capital issued.

As with every private ILS or cat bond deal we encounter, details are limited, so we’ve had to make some assumptions.

The $21.5 million of Series 2021-H notes issued by Isosceles Insurance Ltd. have been structured as discounted zero coupon participating notes, typical of a private ILS transformation of a collateralised reinsurance or retrocession contract, converting it into something more liquid and investable as a security, usually for a cat bond specific fund or ILS strategy.

The $21.5 million of Series 2021-H notes have a maturity date of August 5th 2022, suggesting they may be a reinsurance or retrocession transaction entered into earlier this summer and that has taken longer to come to light, or that they could represent a cedant buying back-up cover after some of the recent catastrophe loss events around the world.

As with every private ILS or cat bond deal, we assume this covers property catastrophe reinsurance or retrocession risks.

We learned that this private cat bond transaction covers a portfolio of US motor insurance risks, protecting a cedant against rising loss ratios in its motor book, likely third-party motor liability related, which also suggests it has an indemnity trigger.

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