Triangle isosceles12/11/2023 Guy Carpenter’s specialist capital markets unit GC Securities is expected to have structured the transaction and acted as a bookrunner, if syndicated, for this Isosceles Insurance Ltd. Or, they sometimes represent ILS fund-to-fund transactions (hedging), or the transformation of a specific risk transfer arrangement, such as an industry-loss warranty (ILW). Private ILS or cat bond lite arrangements usually fit a use-cases of being either, a straight collateralised reinsurance or retro cover for a carrier, that has been transformed and securitised, to be assumed by a single ILS fund or investor, or a small group of funds/investors. With private catastrophe bonds, or cat bond lites, typically the risks will have either been transformed to enable an ILS fund or investor to source a reinsurance-linked asset that meets a catastrophe bond mandate, or so that a cedant can access capital market investors for protection in a more efficient manner, than undertaking a full 144A cat bond issuance process. While the Series 2023-C and Series 2023-G notes may also be related, having the same due-date.Īs with every private ILS or cat bond deal, unless or until we learn more details we assume these cover property catastrophe reinsurance or retrocession risks. The four tranches of Isosceles Insurance Series 2023-A notes all have the same due-date, so could be layers of the same collateralized reinsurance arrangement, or participation. Especially given the two different due-dates. acted as listing sponsor.Īs ever, it’s not possible to know whether these are all for the same cedent, or more than one. The notes, in each case, have been privately placed with qualified institutional investors, while Appleby Global Listing Services (Bermuda) Ltd. are structured as discounted zero-coupon participating notes and have been listed on the Bermuda Stock Exchange (BSX) as insurance-linked securities (ILS).
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |