LI Re (Series 2019-1)

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LI Re (Series 2019-1) – At a glance:

  • Issuer: Kaith Re Ltd.
  • 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 2019

LI Re (Series 2019-1) – Full details:

A new LI Re private catastrophe bond has been issued, LI Re (Series 2019-1).

The transaction saw $10 million of notes issued through German reinsurance firm Hannover Re’s segregated accounts vehicle, Kaith Re Ltd., acting on behalf of its segregated account named LI Re.

This segregated account LI Re 2019-1 private cat bond transforms and securitises underlying reinsurance related contract risks contained in the account, and is due April 12th 2021.

This latest LI Re private cat bond deal provides an unknown cedent with collateralized reinsurance or retrocessional 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 typical with these private cat bond arrangements. Further details of the exact nature of this transaction are unavailable at this time.

We assume this is a renewal of the LI Re 2018-1 private cat bond, which also securitised California earthquake reinsurance risks, which are detailed further in a reinsurance agreements that is unavailable to us, and was due around the same time in April.

This $10m of LI Re Series 2019-1 private cat bond notes that have been issued through Kaith Re Ltd. are now listed on the Bermuda Stock Exchange (BSX) as Section V – Insurance Related Securities.

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