Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Triangle Re 2019-1 Ltd.

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.


Triangle Re 2019-1 Ltd. – At a glance:

  • Issuer: Triangle Re 2019-1 Ltd.
  • Cedent / sponsor: Genworth Mortgage Insurance
  • Placement / structuring agent/s: ?
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: Mortgage insurance risks
  • Size: $302.8m
  • Trigger type: Indemnity
  • Ratings: NR
  • Date of issue: Nov 2019

Triangle Re 2019-1 Ltd. – Full details:

Genworth Mortgage Insurance, the mortgage insurance focused subsidiary of Genworth Financial, has sponsored its first mortgage insurance-linked securities (ILS) transaction, seeing the company benefit from a $302.8 million source of fully collateralised and capital markets backed mortgage reinsurance.

For its first mortgage ILS transaction, Genworth has registered a Bermuda special purpose insurer (SPI) named Triangle Re 2019-1 Ltd.

Triangle Re 2019-1 has issued three classes of mortgage insurance-linked notes (ILNs), each of which have 10-year legal final maturities as well as a 7-year call option.

The issued notes will provide Genworth Mortgage Insurance with a $302.8 million source of fully collateralised and capital markets backed excess of loss mortgage reinsurance.

The $302.8 million of mortgage ILS notes have been sold to qualified institutional investors in an unregistered private offering, with the proceeds set to be used as the collateral to back the reinsurance agreements between Triangle Re 2019-1 and Genworth.

In the case of this transaction, the reinsurance it provides will cover a portfolio of Genworth’s existing mortgage insurance policies that have been underwritten from January 2019 through September 2019.

The Triangle Re 2019-1 mortgage ILS transaction features three tranches of notes.

A $134,574,000 tranche of Class M-1 Notes which will pay investors a coupon equal to one-month LIBOR plus 190 basis points, a $151,396,000 tranche of Class M-2 Notes paying a coupon equal to one-month LIBOR plus 290 basis points, and a $16,821,000 tranche of Class B-1 Notes paying a coupon equal to one-month LIBOR plus 415 basis points.

Artemis Live - ILS and reinsurance video interviews and podcastView all of our Artemis Live video interviews and subscribe to our podcast.

All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online.

Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.

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.