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Resilience Re Ltd. (Series 1811A)

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Resilience Re Ltd. (Series 1811A) – At a glance:

  • Issuer: Resilience Re Ltd. (Series 1811A)
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: Willis Towers Watson Securities acted as structuring agent and bookrunner
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: Property catastrophe risks
  • Size: $52.6m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Mar 2018

Resilience Re Ltd. (Series 1811A) – Full details:

The second issuance in a month from the Resilience Re Ltd. platform is a $52.6 million single tranche of Series 1811A zero coupon notes, which have been issued through the Resilience Re private cat bond platform of broker Willis Towers Watson.

For this latest deal, Resilience Re Ltd. has issued a single $52.6 million tranche of Series 1811A discounted zero coupon notes, which have been placed with qualified investors and listed on the BSX as Section V – Insurance Related Securities. The notes are due January 9th 2019, suggesting they cover a one-year reinsurance arrangement from the start of this year.

The discounted zero coupon note structure used in this and other similar private ILS transactions benefits both the sponsors and the investors.

The sponsor can fund the reinsurance premium up front, as it would in collateralized reinsurance arrangements, giving the investor a form of leverage, which can help to drive keener pricing and enhanced transactional efficiency for both sides.

Willis Towers Watson Securities will have acted as the lead structuring agent and bookrunner for this private cat bond, structuring and facilitating the deal between sponsor and investors, through the transformation of a reinsurance arrangement into a securitised cat bond note with secondary liquidity features.

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