Isoscele Insurance Ltd (series 2022-A)

This Series 2022-A 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 three new tranches of privately placed Series 2022-A insurance-linked notes, or private catastrophe bonds, totaling approximately $60.5 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 $60.5 million of Series 2022-A bonds, with three tranches of privately placed insurance-linked bonds or private cat bonds sold to investors.

The notes will have been sold to provide collateral to support a reinsurance or retrocession agreement.

Isosceles Re issued $31.5 million Series 2022-A Class A Notes, $12.5 million Series 2022-A Class B Notes and $16.5 million million Series 2022-A Class C notes, all with maturity dates of May 5th 2023.

The three tranches of 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 able to be invested as a security, usually for a bond specific fund cat. or ILS strategy.