Swiss Re Insurance-Linked Fund Management

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LI Re (Series 2018-1)

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LI Re (Series 2018-1) – At a glance:

  • Issuer: LI Re (Series 2018-1)
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: ?
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: California earthquake
  • Size: $10m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Dec 2018

LI Re (Series 2018-1) – Full details:

In this latest LI Re private cat bond, LI Re (Series 2018-1), $10 million of notes have been issued through German reinsurance firm Hannover Re’s segregated accounts vehicle, Kaith Re Ltd., acting on behalf of a segregated account named LI Re.

This segregated account LI Re 2018-1 private cat bond, which transforms and securitises underlying reinsurance risks contained in the account, is due April 10th 2020.

This LI Re private cat bond provides a cedent with collateralized reinsurance or retrocession protection covering losses from California earthquake risks. The underlying transaction will be a one year collateralized reinsurance or industry loss warranty (ILW) deal, as are most common with private cat bonds. Further details of the exact nature of this transaction are unavailable.

We assume this is a renewal of the LI Re 2017-1 private cat bond, which also securitised California earthquake risks and was due at the same time of April 10th 2019.

The $10m of LI Re Series 2018-1 private cat bond notes issued through Kaith Re Ltd. have been listed on the Bermuda Stock Exchange (BSX) as Section V – Insurance Related Securities.

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