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Randolph Re (Series 2023-1 – Groupama)

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Randolph Re (Series 2023-1 – Groupama) – At a glance:

  • Issuer: White Rock Insurance (SAC) Ltd.
  • Cedent / sponsor: Groupama
  • Placement / structuring agent/s: Aon Securities is sole structuring agent and bookrunner
  • Risk modelling / calculation agents etc: Unknown
  • Risks / perils covered: European multi-peril
  • Size: €100m
  • Trigger type: Indemnity
  • Ratings: NR
  • Date of issue: Jun 2023

Randolph Re (Series 2023-1 – Groupama) – Full details:

This is the fourth insurance-linked securities (ILS) transaction to come to market from Aon’s Randolph Re private catastrophe bond issuance and placement platform.

The Randolph Re Series 2023-1 notes have been issued by Aon’s White Rock Insurance (SAC) Ltd. vehicle, acting on behalf of a Randolph Re segregated account established to issue cat bond notes to benefit Groupama.

It is also the first not to cover wildfire risks in California, and instead protects against adverse deviation of climatic losses in France, on behalf of Paris headquartered insurer Groupama.

Randolph Re (Groupama), the largest private cat bond issued via Aon’s Randolph Re platform, provides the European insurer with EUR 100 million (USD 109.3m) of aggregate reinsurance protection for weather related claims experience in France.

The notes feature an indemnity trigger and provide one-year of reinsurance protection to Groupama.

The Series 2023-1 notes issued by Randolph Re are due June 15th 2024, so provide just a one-year cover to cedent Groupama.

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