Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Resilience Re Ltd. (Series 1712)

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Resilience Re Ltd. (Series 1712) – At a glance:

  • Issuer: Resilience Re Ltd. (Series 1712)
  • 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: $187m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Jan 2017

Resilience Re Ltd. (Series 1712) – Full details:

This three tranche private catastrophe bond from Willis Capital Markets & Advisory’s Resilience Re Ltd. issuance vehicle totals $186.999,880 million across Class A, B & C bonds issued under Series 1712.

Three tranches of notes have been issued in this Series 1712 deal from Resilience Re. The deal consists of a $101 million Series 1712A tranche, a $35.999,990 million Series 1712B tranche and a $49.999,890 million Series 1712C tranche, so totaling just slightly under $187 million at $186.999,880 million.

All three tranches have been structured as principal-at-risk notes, with the 1712A and 1712B both due on January 8th 2019. That suggests a possible two year term for two tranches of this private cat bond, which is a little unusual as the majority tend to represent a single annual reinsurance contract. The 1712C tranche is due on January 8th 2018, so likely represents an annual contract.

All three tranches of Resilience Re 1712 cat bond notes have been admitted for listing on the Bermuda Stock Exchange (BSX) as Section V Insurance Related Securities and the notes have been placed with qualified investors.

As usual for a private cat bond, we assume that the Resilience Re 1712 notes cover property catastrophe risks, given the dominance of those perils in the ILS 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 private cat bond deal.

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