Nascent Re issues $36m across Plymouth / Warwick preferred share insurance-linked securities

Nascent Re Ltd. a licensed reinsurance transformer owned and operated by Bermuda-based Nascent Group, has issued another $36 million of preferred share insurance-linked securities, across two series named Plymouth and Warwick.

These are the fifth and sixth individual issuances of ILS securities from Nascent Re that we’ve reported on, with all six seen to-date being in preferred shares form, likely representing some kind of collateralized reinsurance or private ILS arrangement.

Nascent Group is a technology-driven insurance management, ILS servicing and reinsurance transformation specialist, with Nascent Re being its transformer vehicle.

The Nascent Re structure enables re/insurers and investors to transact reinsurance on a collateralized basis, through a managed and outsourced risk transformation platform.

While the six issuances of preferred share ILS we’ve seen from Nascent Re indicate growing traction in the market, it’s likely the structure has facilitated many more similar collateralized reinsurance or ILS arrangements in its history that we haven’t seen.

The first issuance of listed insurance-linked securities from Nascent Re emerged earlier this year in March 2026, with a €10 million tranche of OFS Re Series 2026-001 preferred shares issued.

Then in August, we saw Nascent Re issuing $23.5 million of preferred shares through a segregated account named Telford, the second and still the largest single ILS issuance we’ve seen so far from the structure.

Following that, in September, Nascent Re Ltd. issued US $20 million of preferred shares on behalf of a segregated account named Quinton and a further US $20 million of preferred shares on behalf of a segregated account named Stevenage.

Now, we’ve learned that Nascent Re Ltd. has issued US $16 million of preferred shares on behalf of a segregated account named Plymouth and a further US $20 million of preferred shares on behalf of a segregated account named Warwick.

The $16 million tranche of Plymouth preferred shares are scheduled for maturity on June 30th 2027, so perhaps representing a roughly one-year collateralized reinsurance or retrocession arrangement, while the $20 million of Warwick preferred shares are due for maturity on December 15th 2026, so could represent a transaction that runs through the wind season, given the timing.

As ever, we don’t know the actual inception dates of the underlying risk transfer arrangements, only having visibility as the preferred shares get listed.

All $36 million of preferred shares from the Plymouth and Warwick segregated accounts of Nascent Re have been privately placed with qualifying investors and listed on the Bermuda Stock Exchange (BSX) as insurance-linked securities.

Being another issuance of preferred shares, rather than principal-at-risk notes, it again suggests the underlying structure could be a quota share reinsurance or retrocessional arrangement, rather than excess-of-loss. However we cannot be certain.

With now six issuances of preferred share ILS securities seen, they total around US $110 million from the group of transactions.

Nascent Re Ltd., a Class 3 licensed Bermuda insurer, facilitates the matching of reinsurance and retrocessional risk and capital between sponsors and investors or ILS fund managers, providing a way for traditional insurance or reinsurance clients to efficiently transact with the capital markets.

Nascent Re can transform re/insurance related risks into securities for investors and ILS funds, so providing a conduit to the capital markets for Nascent clients.