Isosceles Insurance Ltd. (Series 2022-A)

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Isosceles Insurance Ltd. (Series 2022-A) – 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: $60.5m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Jul 2022

Isosceles Insurance Ltd. (Series 2022-A) – Full details:

This Series 2022-A transaction is a new private insurance-linked security (ILS), or catastrophe bond, issuance 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 three new tranches of privately placed Series 2022-A insurance-linked notes, or private catastrophe bonds, totalling roughly $60.5 million of risk capital issued.

As with every private ILS or cat bond deal we encounter and source some information about, details are limited, so we’ve had to make a number of assumptions.

Isosceles Insurance Ltd. has issued $60.5 million of Series 2022-A notes, with three tranches of privately placed insurance-linked notes, or private cat bonds sold to investors.

The notes will have been sold to provide collateral to underpin a reinsurance or retrocession agreement.

Isosceles Re issued a $31.5 million tranche of Series 2022-A Class A notes, a $12.5 million tranche of Series 2022-A Class B notes and a $16.5 million tranche of Series 2022-A Class C notes, all of which have due dates of May 5th 2023.

All three tranches of notes have been structured as discounted zero coupon participating notes, which is ypical 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.

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