Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Stabilitas Re Ltd. (Series 2023-1)

The Artemis Catastrophe Bond and Insurance-linked Securities Deal Directory aims to provide a one-stop resource for information on every cat bond and ILS transaction we hold information on. The content of this Deal Directory is provided as is and there will be some omissions. Help us to keep these cat bond and ILS transaction summaries up to date by contacting us if you see an error or omission that you can correct.


Stabilitas Re Ltd. (Series 2023-1) – At a glance:

  • Issuer: Stabilitas Re Ltd.
  • Cedent / sponsor: Conduit Re
  • Placement / structuring agent/s: Aon Securities is sole structuring agent and bookrunner
  • Risk modelling / calculation agents etc: AIR Worldwide
  • Risks / perils covered: US named storm, US earthquake
  • Size: $100m
  • Trigger type: Industry loss index
  • Ratings: NR
  • Date of issue: Jun 2023

Stabilitas Re Ltd. (Series 2023-1) – Full details:

Conduit Re, the Bermuda-headquartered reinsurance company, is entering the catastrophe bond market for the first time, seeking $100 million or more in retrocession from a Stabilitas Re Ltd. (Series 2023-1) issuance.

Conduit Re has set up Stabilitas Re Ltd. in Bermuda for the issuance of catastrophe bonds and for its debut the vehicle will target the sale of $100 million of notes to cat bond investors to provide the reinsurance firm a source of capital markets backed retrocession.

This first Stabilitas Re Ltd. cat bond targets a source of both US named storm and US earthquake retrocessional protection for Conduit Re.

The $100 million or more in Series 2023-1 Class A notes that Stabilitas Re will issue for Conduit Re will provide the reinsurer protection on an industry loss trigger and annual aggregate basis, across a roughly three-year term to the end of May 2026, we understand.

We’re told the notes will have an attachment point at $200 million of losses to Conduit Re and cover losses to $300 million, while qualifying events will need to exceed a $10 billion franchise deductible for PCS reported industry losses from named storms or earthquake events.

The $100 million of notes will have an initial attachment probability of 3.86%, an initial base expected loss of 2.7% and are being offered to cat bond investors with price guidance of between 9% and 9.75%, sources said.

Register today for ILS Asia 2023, our next insurance-linked securities (ILS) market conference. Held in Singapore, July 13th, 2023.

Artemis ILS Asia 2023 - Insurance-linked securities conference in Singapore

Get a ticket soon to ensure you can attend. Secure your place at the event here!

Print Friendly, PDF & Email

« Go back to the Catastrophe Bond Deal Directory

Help us keep this valuable resource up to date. If you have information on a catastrophe bond or insurance-linked security deal we have not covered or can see something that we should change, please contact us to let us know.