Leo Re Ltd

Global reinsurance firm Munich Re and the largest single insurance-linked securities (ILS) investor in Dutch pension fund manager PGGM have now completed issuance of their Leo Re Ltd. private sidecar arrangement for 2020, which is again $400 million in size.

Global reinsurance firm Munich Re is in the midst of issuing its collateralised reinsurance sidecar arrangements for 2020, with the first $54.6 million tranche of Eden Re II Ltd. Series 2020-1 notes and the first slice of a Leo Re Ltd. 2020-1 private sidecar arrangement for Dutch pension fund investor PGGM.

Experienced insurance-linked securities (ILS) investor Dutch pension fund manager PGGM and global reinsurance firm Munich Re have now completed what appears to be the rest of their 2019 Leo Re Ltd. private sidecar arrangement, with another $380 million tranche of notes issued.

Dutch pension fund manager PGGM has completed its first issuance of notes from its Leo Re Ltd. collateralised reinsurance sidecar for 2019, with a $20 million Series 2019-1 Class A tranche of notes issued which feature property catastrophe risk sourced from Munich Re.

The recently completed $400 million Leo Re Ltd. 2018-1 collateralised reinsurance sidecar transaction, issued on behalf of one of the funds administered by Dutch pension fund manager PGGM, involves a private ILS transaction between PGGM and reinsurance giant Munich Re.

The insurance and reinsurance-linked investment portfolio of Dutch pension fund manager PGGM grew in 2017, as the asset manager continued to increase allocations to the sector on behalf of the pension fund it manages an allocation for and despite the impacts of catastrophe losses.

Dutch pension fund manager PGGM has secured a second issuance from its collateralised reinsurance sidecar, as the Leo Re Ltd. vehicle issued a $140 million Series 2018-1 Class B tranche of notes, shortly after issuing a $260 million Class A tranche earlier in December.

A new $260 million Leo Re Ltd. collateralised reinsurance sidecar transaction has been issued on behalf of Dutch pension fund manager PGGM, as the organisation returns for its second issuance under the Leo Re vehicle, following its $200 million 2017 sidecar arrangement.

The recently issued $200 million Leo Re Ltd. collateralised reinsurance sidecar transaction was funded by Dutch pension fund manager PGGM on behalf of one of the pension funds it administers, the Dutch healthcare and social welfare sector’s PFZW.

Leo Re Ltd., a recently registered Bermuda special purpose insurer, has listed a $200 million tranche of notes, which likely represent a new collateralised reinsurance sidecar transaction from a currently unknown sponsor.