Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Resilience Re Ltd. (Series 1812A)

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Resilience Re Ltd. (Series 1812A) – At a glance:

  • Issuer: Resilience Re Ltd. (Series 1812A)
  • 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: $60m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Feb 2018

Resilience Re Ltd. (Series 1812A) – Full details:

The latest issuance from the Resilience Re Ltd. platform is a $60 million single tranche of Series 1812A zero coupon notes, which have been issued through the private cat bond platform of broker Willis Towers Watson.

This new private Resilience Re cat bond deal was actually issued in February but the listing has only just come to light on the Bermuda Stock Exchange (BSX).

A single $60 million Series 1812A tranche of zero coupon notes has been issued by Resilience Re, likely providing a sponsor with fully collateralized property catastrophe reinsurance coverage.

The $60 million of zero coupon notes are due for maturity in October 2019, so this deal could cover a year and a half or almost two wind seasons (if they cover named storms) for a sponsor, perhaps.

The notes have been privately placed with qualified investors and then listed on the BSX as Section V – Insurance Related Securities.

Details are scant, as ever, with this latest private Resilience Re cat bond, but we assume the sponsor is benefitting from efficient access to collateralized reinsurance cover from the capital markets for losses from certain property catastrophe reinsurance exposures.

Willis Towers Watson Securities will have provided the service roles of lead structuring agent and bookrunner for this private cat bond, enabling the sponsor and investors to transact, transforming a reinsurance arrangement into a securitised cat bond note with secondary liquidity also a possibility.

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