Isosceles Insurance Ltd. (Series 2023-A, C, G) – Full details:
These Series 2023 notes represent new private insurance-linked security (ILS), or private catastrophe bond issuances from the Isosceles Insurance Ltd. platform operated by Marsh McLennan and reinsurance broker Guy Carpenter.
This latest issuance from the vehicle, the first of 2023, involves just under $87.6 million of private cat bond notes, across three series and six tranches.
The breakdown of the issuance can be seen below:
- $20.7m Series 2023-A Class A notes due May 10, 2024.
- $13.3m Series 2023-A Class B notes due May 10, 2024.
- $11.4m Series 2023-A Class C notes due May 10, 2024.
- $11.375m Series 2023-A Class D notes due May 10, 2024.
- $27.15955 million Series 2023-C notes due June 7, 2024.
- $3.65625 million Series 2023-G Class E notes due June 7, 2024.
All six tranches issued by Isosceles Insurance Ltd. are structured as discounted zero-coupon participating notes and have been listed on the Bermuda Stock Exchange (BSX) as insurance-linked securities (ILS).
The notes, in each case, have been privately placed with qualified institutional investors, while Appleby Global Listing Services (Bermuda) Ltd. acted as listing sponsor.
As ever, it’s not possible to know whether these are all for the same cedent, or more than one. Especially given the two different due-dates.
The four tranches of Isosceles Insurance Series 2023-A notes all have the same due-date, so could be layers of the same collateralized reinsurance arrangement, or participation. While the Series 2023-C and Series 2023-G notes may also be related, having the same due-date.
As with every private ILS or cat bond deal, unless or until we learn more details we assume these cover property catastrophe reinsurance or retrocession risks.
The Isosceles Re vehicle issues 4(2) or 4(a)(2) cat bond securities, so private securities placement structures, including privately placed catastrophe bonds, insurance-linked securities (ILS) and also the securitisation of other transformed collateralised reinsurance arrangements.
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