Resilience Re Ltd. (Series 1741A)

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Resilience Re Ltd. (Series 1741A) – At a glance:

  • Issuer: Resilience Re Ltd. (Series 1741A)
  • Cedent / sponsor: ?
  • 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: $173m
  • Trigger type: ?
  • Ratings: NR
  • Date of issue: Apr 2017

Resilience Re Ltd. (Series 1741A) – Full details:

The latest private catastrophe bond has been issued through the platform owned by insurance, reinsurance and capital markets broker and advisory Willis Towers Watson, a $173 million Resilience Re Ltd. (Series 1741A) transaction.

This deal saw a single $173 million Series 1741A tranche of discounted zero-coupon participating notes issued by Resilience Re Ltd., with the notes subsequently admitted for listing on the Bermuda Stock Exchange (BSX) as Section V Insurance Related Securities.

The zero coupon discounted notes that were issued have been placed with qualified investors and are due April 6th 2018, so represent a reinsurance arrangement with a term of one year.

As is typical of the vast majority of privately placed catastrophe bond transactions, we assume that the $173 million Resilience Re 1741A notes provide an unnamed sponsor with collateralized reinsurance cover for certain property catastrophe reinsurance risks. However further details on the exact nature of this transaction are unavailable at this time.

Willis Towers Watson Securities will have played the roles of lead structuring agent and bookrunner for this private cat bond, enabling the sponsor and investors to transform a reinsurance arrangement into a securitised cat bond note with secondary liquidity possible thanks to the listing as well.

Update – April 2018

The single $173 million Series 1741A tranche of discounted zero-coupon participating notes issued by Resilience Re Ltd. have now had their maturity extended through to May 1st 2019, likely to allow for loss development after the catastrophe events of 2017.

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