Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Market Re Ltd. (Series 2015-2)

The Artemis Catastrophe Bond and Insurance-linked Securities Deal Directory aims to provide a one-stop resource for information on every cat bond and ILS transaction we hold information on. The content of this Deal Directory is provided as is and there will be some omissions. Help us to keep these cat bond and ILS transaction summaries up to date by contacting us if you see an error or omission that you can correct.


Market Re Ltd. (Series 2015-2) – At a glance:

  • Issuer: Market Re Ltd. (Series 2015-2)
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: Jardine Lloyd Thompson Capital Markets are structuring agent and bookrunner
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: Florida named storms
  • Size: $70.509m
  • Trigger type: Indemnity
  • Ratings: NR
  • Date of issue: Jun 2015

Market Re Ltd. (Series 2015-2) – Full details:

The $70.509m Market Re 2015-2 cat bond has been brought to market for an unknown Florida based primary insurer sponsor. The first-time sponsor is new to catastrophe bonds. The bond will provide the cedant with a one-year source of fully-collateralized catastrophe reinsurance protection for its Florida book of business.

The reinsurance protection is for Florida named storm risks and runs for a one-year period. The deal features a single tranche of Class A notes, structured on an indemnity trigger basis, with the cat bond providing the cedant with per-occurrence protection.

Interestingly, this is the first Market Re cat bond which has been used by the cedant as a way to reduce its participation in the Florida Hurricane Catastrophe Fund. This is a trend that has been seen in 2015 as the cost of ILS risk capital has dropped below the cost of maintaining a full FHCF cover, allowing cedants to replace some FHCF cover with cat bonds or other ILS products. Market Re 2015-2 has been designed specifically to provide FHCF replacement cover.

As is typical of many private cat bonds Market Re 2015-2 has been structured as a zero coupon bond. The $70.509m of Class A notes represent $75,410,695.19 of limit, which equates to around 6.5% Net rate-on-line against this limit.

Artemis Live - ILS and reinsurance video interviews and podcastView all of our Artemis Live video interviews and subscribe to our podcast.

All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online.

Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.

Print Friendly, PDF & Email

« Go back to the Catastrophe Bond Deal Directory

Help us keep this valuable resource up to date. If you have information on a catastrophe bond or insurance-linked security deal we have not covered or can see something that we should change, please contact us to let us know.