This Series 2022-B transaction is a new private insurance-linked note (ILS), or catastrophe bond, issued by the Isosceles Insurance Ltd platform. operated by Marsh McLennan and reinsurance broker Guy Carpenter.
In this latest issue to appear, Isosceles Insurance Ltd. issued a new tranche of privately placed Series 2022-B insurance-linked notes, or private catastrophe bonds, totaling approximately $11 million in issued risk capital.
As with every private ILS or cat bond agreement we come across and learn about, details are limited, so we had to make a number of assumptions.
Isosceles Insurance Ltd. issued a single $11 million tranche of Series 2022-B Notes, which mature on June 7, 2023.
Privately placed insurance-linked bonds, or private cat bonds, were sold to investors.
The notes will have been sold to provide collateral to support a reinsurance or retrocession agreement.
The notes were structured as discounted zero-coupon participating notes, which is typical of a private ILS transformation of a collateralized reinsurance or retrocession contract, converting it into something more liquid and investable in as a security, typically for a specific cat bond fund or ILS strategy. .