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Oak Leaf Re Ltd. (Series 2017-1)

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Oak Leaf Re Ltd. (Series 2017-1) – At a glance:

  • Issuer: Oak Leaf Re Ltd. (Series 2017-1)
  • Cedent / sponsor: Southern Oak Insurance Company
  • Placement / structuring agent/s: Jardine Lloyd Thompson Capital Markets are structuring agent and bookrunner
  • Risk modelling / calculation agents etc: Participating investors undertook their own risk modelling
  • Risks / perils covered: Florida named storms
  • Size: $53.995m
  • Trigger type: Indemnity
  • Ratings: NR
  • Date of issue: Jun 2017

Oak Leaf Re Ltd. (Series 2017-1) – Full details:

This is the seventh annual Oak Leaf Re cat bond which will provide sponsor Southern Oak Insurance with a one-year source of fully-collateralized, capital market backed reinsurance protection for its Florida book of business on an indemnity basis. It is assumed the underlying peril is Florida named storm risk.

This seventh transaction saw JLTCM helping Southern Oak to $53.995 million of fully-collateralized reinsurance protection, through an Oak Leaf Re 2017-1 issuance that featured four tranches of ILS notes which were sold to investors.

The Oak Leaf Re 2017-1 privately placed cat bond will provide sponsor Southern Oak with a one year indemnity-based source of collateralized protection, providing it with reinsurance coverage for its book of business. We’re assuming this is a Florida named storm cat bond, as the other Oak Leaf Re’s have been.

The transaction has been structured in four classes of notes, with one a multi-section tranche covering both severity and frequency, while another tranche offers the sponsor a source of reinstatement premium protection (RPP).

With seven annual cat bond issuances now under its belt, insurer Southern Oak has sourced $269.85 million of collateralized reinsurance protection from the capital markets through these deals.

The cat bond is structured into four tranches; a $47.5m Class A tranche; $1.04m Class B tranche; $1.24m Class C tranche; and $3.9m Class D tranche.

Update, October 12th 2017

One tranche of this cat bond was triggered by hurricane Irma, the $1.04 million Class B tranche with a full pay-out of its excess-of-loss reinsurance protection anticipated, according to sources.

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