News and analysis on the use of private catastrophe bonds and private insurance-linked securities (ILS) can be found on this page.
Private cat bonds can offer sponsors a simpler and more efficient alternative to accessing the capital markets for reinsurance risk capital than entering into a full Rule 144A cat bond offering.
Private cat bonds are often issued as Rule 4(a)2 securities.
Zurich headquartered insurance and reinsurance linked investment fund manager Twelve Capital Management has completed its sixteenth private catastrophe bond transaction in the Dodeka series, with a $23.567 million Dodeka XIII deal which was listed on the stock exchange in Bermuda yesterday.
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The private catastrophe bond issuance platform Resilience Re, which is owned and operated by insurance and reinsurance broker Willis Towers Watson, has issued its latest transaction, a $150 million Resilience Re Ltd. (Series 1841A) zero-coupon deal.
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The privately placed $180 million Skyline Re Ltd. (Series 2017-1) catastrophe bond is once again experiencing a rising risk profile, as severe convective storm losses from the first-quarter of 2018 have eroded some of the aggregate buffering layers and retention sitting beneath the cat bond.
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Two private catastrophe bond transactions that were issued through the Resilience Re Ltd. platform, which is owned by Willis Towers Watson Securities, have had their maturities extended further, likely to allow for loss development to continue.
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The maturity date has been extended again for the $50 million Seaside Re 2017-3 transaction, which is a private catastrophe bond issued using German reinsurance firm Hannover Re’s segregated accounts vehicle, Kaith Re Ltd., likely to allow for loss development to continue.
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Another private catastrophe bond transaction has been issued using the Willis Towers Watson owned Resilience Re Ltd. platform, a $52.6 million Resilience Re Ltd. (Series 1811A) transaction, that sees collateralized reinsurance being sourced from capital market invetsors for an unknown sponsor.
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A new private catastrophe bond has been issued through the Willis Towers Watson owned platform Resilience Re Ltd., in the form of a $60 million Resilience Re Ltd. (Series 1812A) zero coupon arrangement that will be providing an unknown sponsor with collateralized reinsurance protection.
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The recently completed $5 million Alpha Terra Validus II private catastrophe bond transaction is another step in the development of a Latin American insurance-linked securities (ILS) marketplace, according to the sponsor of the deal reinsurance firm Terra Brasis Resseguros S.A. (Terra Brasis Re).
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A $10 million LI Re (Series 2016-2) private catastrophe bond that was issued by German reinsurance firm Hannover Re’s segregated accounts vehicle Kaith Re Ltd., has been matured early and its notes have been delisted as a result.
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The $63 million Resilience Re Ltd. (Series 1711A) private catastrophe bond transaction has had its maturity extended by six months, which is likely to allow for loss development from 2017 catastrophe events so that the sponsor can establish whether it is able to claim on the reinsurance the notes provide it with.
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