Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Resilience Re Ltd. (Series 1912A)

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Resilience Re Ltd. (Series 1912A) – At a glance:

  • Issuer: Resilience Re Ltd. (Series 1912A)
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: Unknown
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: Property catastrophe risks
  • Size: $88m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Jan 2019

Resilience Re Ltd. (Series 1912A) – Full details:

The latest private catastrophe bond issuance from the Resilience Re Ltd. platform, an $88 million single tranche of Series 1912A zero coupon notes have been issued through the cat bond lite platform owned and operated by broker Willis Towers Watson.

A single $88 million tranche of Series 1912A notes structured as zero coupon has been issued by special purpose insurer (SPI) Resilience Re Ltd., providing a sponsor with fully collateralized property catastrophe reinsurance coverage and investors with access to the risks in a securitised form, with secondary liquidity features.

The $88 million of zero coupon notes are due for maturity as of January 8th 2021, so this transaction could provide two years of reinsurance or retrocession cover for the cedent.

The $88 million of notes issued by Resilience Re Ltd. have been privately placed with qualified investors and then listed on the BSX as Section V – Insurance Related Securities.

Details are scarce, as ever with this latest private Resilience Re cat bond, but we assume the sponsor is benefitting from efficient access to collateralized reinsurance or retrocession cover from the capital markets for losses from certain property catastrophe reinsurance exposures, while the investor is benefiting from an asset that meets a more liquid investment mandate.

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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