Swiss Re Insurance-Linked Fund Management

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Resilience Re Ltd. (Series 1661A)

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Resilience Re Ltd. (Series 1661A) – At a glance:

  • Issuer: Resilience Re Ltd. (Series 1661A)
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: Willis Capital Markets & Advisory acted as structuring agent and bookrunner
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: Property catastrophe risks
  • Size: $34m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Jun 2016

Resilience Re Ltd. (Series 1661A) – Full details:

The notes listed on the Bermuda Stock Exchange (BSX), for this $34m Resilience Re Ltd. (Series 1661A) transaction, have been, like previous Resilience Re deal, structured as discounted zero coupon participating notes.

This likely reflects the transformation of a collateralised reinsurance deal, with the coupon having been paid upfront as premium and the notes hence discounted and issued in order to provide an investor (or investors) with liquid securitised access to the underwritten risk.

The $34m of notes issued have a due date of June 2nd 2017, so represent a single annual reinsurance contract likely from the recent June reinsurance renewal. As a result, it seems safe to assume that these notes are exposed to property catastrophe reinsurance risks (likely U.S.), but of what type we do not currently know.

The Resilience Re platform, owned by Willis Capital Markets & Advisory (WCMA), enables a syndicated deal marketing process, which can be used alongside the traditional reinsurance placement process or as a standalone way to access the capital markets. In this case it’s likely a standalone use of the platform for a single investor (likely an ILS fund manager or large institution) to access the risk in a liquid, securitised form.

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