Isosceles Insurance Ltd. (Series 2022-B)

This Series 2022-B 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 one new tranche of privately placed Series 2022-B insurance-linked notes, or private catastrophe bonds, totalling roughly $11 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 a single $11 million tranche of Series 2022-B notes, that are due June 7th 2023.

The privately placed insurance-linked notes, or private cat bonds have been sold to investors.

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

The notes have been structured as discounted zero coupon participating notes, which is 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.