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Randolph Re (Series 2020-1)

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Randolph Re (Series 2020-1) – At a glance:

  • Issuer: White Rock Insurance (SAC) Ltd.
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: Aon Securities is sole structuring agent and bookrunner
  • Risk modelling / calculation agents etc: Unknown
  • Risks / perils covered: California wildfire
  • Size: $50.25m
  • Trigger type: Indemnity
  • Ratings: NR
  • Date of issue: Jul 2020

Randolph Re (Series 2020-1) – Full details:

This is the first transaction to be seen from Aon’s Randolph Re private catastrophe bond issuance and placement platform.

Aon launched the Randolph Re private cat bond platform in late 2019, as a dedicated platform from which private ILS transactions of $25 million in issuance size and above can be executed in a streamlined manner.

Private placement cat bonds placed using Randolph Re will actually be will be issued through Aon’s special purpose vehicle White Rock Insurance (SAC) Bermuda Ltd, with its insurance management unit Aon Insurance Managers servicing the deals.

For this issuance, Aon’s White Rock Insurance (SAC) Ltd., acting on behalf of segregated account Randolph Re 2020-XX and under the Randolph Re Program, has issued $50.25 million of Series 2020-1 notes.

The insurance-linked notes issued are due July 6th 2021, so presumably represent a one-year fully collateralised reinsurance or retrocession agreement that has been securitised for a cedent.

As is typical with private cat bond transactions, we assume the notes will feature a cession of property catastrophe risks to capital market investors, typically dedicated insurance-linked securities (ILS) funds or specialist asset managers with a dedicated cat bond focused strategy.

We understand the coverage is for California wildfire risks, on an indemnity trigger and per-occurrence basis.

These kinds of arrangements are typically syndicated across a number of ILS funds or investors, with Aon Securities acting as the bookrunner as well as having structured the transaction.

We have no visibility of other transactional details at this time, such as trigger, form of coverage etc.

The $50.25 million of notes issued under the Randolph Re Program and the program itself have both been admitted to the Bermuda Stock Exchange (BSX) for listing.

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