Swiss Re Insurance-Linked Fund Management

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Resilience Re Ltd. (Series 1711A)

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Resilience Re Ltd. (Series 1711A) – At a glance:

  • Issuer: Resilience Re Ltd. (Series 1711A)
  • 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: $63m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Feb 2017

Resilience Re Ltd. (Series 1711A) – Full details:

Another private catastrophe bond has been issued through the platform owned by insurance, reinsurance and capital markets broker and advisory Willis Towers Watson, a $63 million Resilience Re Ltd. (Series 1711A) transaction.

This new $63 million Resilience Re 1711A private cat bond is the fifth on the Willis private cat bond platform we’ve seen and listed in our Deal Directory.

The transaction saw a single $63 million Series 1711A tranche of discounted zero-coupon participating notes issued by Resilience Re Ltd. and admitted for listing on the Bermuda Stock Exchange (BSX) Section V Insurance Related Securities, with the notes placed with qualified investors.

As with the majority of privately placed catastrophe bond transactions, we assume that the Resilience Re 1711A notes cover property catastrophe reinsurance risks, given the dominance of those perils in the ILS and collateralised reinsurance market, but details of the exact nature of this transaction are unavailable at this time.

Willis Capital Markets & Advisory will have played the joint roles of structuring agent and bookrunner for this deal, enabling the ceding company and investor to transform a reinsurance arrangement into a securitised cat bond note with secondary liquidity possible thanks to the listing as well.

Update – January 31st 2018:

The $63 million of Resilience Re 1711A private cat bond notes had their maturity extended, from January 8th 2018 to July 8th 2018. This is possibly to allow for loss development and to establish whether the notes would payout following the major catastrophes and hurricanes of 2017.

Update – April 2018

The $63 million of zero-coupon private catastrophe bond notes issued through the Resilience Re 1711A transaction have had their maturity further extended, right through to December 31st 2019, according to a BSX filing.

Update – Sep 2019:

The single $63 million of zero-coupon private catastrophe bond notes issued through the Resilience Re 1711A transaction have now had their maturity extended through to May 1st 2020, to allow for loss development to continue.

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