Mar 05, 2018
AlphaCat and Terra Brasis Announce ILS Transaction
PEMBROKE, Bermuda--(BUSINESS WIRE)--Mar. 5, 2018--
AlphaCat Managers Ltd. (“AlphaCat”), a wholly owned subsidiary of
Validus Holdings, Ltd. (“Validus”) and Terra Brasis Resseguros S.A.
(“Terra Brasis Re”) today announced the successful completion of a $5
million private catastrophe bond transaction. The bond issue, named
Alpha Terra Validus II, effectively renews the 2017 Terra Brasis Validus
I transaction which represented a unique offering of Latin American
reinsurance risk on an indemnity basis.
Lixin Zeng, the CEO of AlphaCat, commented, “We are pleased to continue
our successful partnership with Terra Brasis Re and look forward to
working together in the future.”
Rodrigo Botti, the Director of Terra Brasis Re, commented, “ILS based
solutions are gaining momentum in Latin America, with recent issuances
of different size and scope. We are pleased that our close partnership
with AlphaCat continues to contribute to the development of this
technology in the region.”
Consistent with last year’s transaction, Alpha Terra Validus II was
issued through a segregated account of White Rock Insurance (SAC) Ltd.,
which is managed by Aon Insurance Managers (Bermuda) Ltd. The notes were
admitted to the Bermuda Stock Exchange as of January 15, 2018 and will
remain listed there until maturity.
About AlphaCat Managers Ltd.
AlphaCat Managers Ltd. (“AlphaCat”) is a Bermuda based investment
adviser managing capital for third parties and the Group in insurance
linked securities and other property catastrophe reinsurance investments.
About Validus Holdings, Ltd.
Validus Holdings, Ltd. (NYSE: VR) is a leading global provider of
reinsurance, insurance, and asset management services. Validus companies
maintain a worldwide presence with more than 1,000 employees in 17
offices. Learn more at validusholdings.com.
About Terra Brasis Resseguros S.A.
Terra Brasis Resseguros S.A. (“Terra Brasis”) is a Brazilian based
reinsurer, operating across business lines in both treaty and
facultative reinsurance. The company is dedicated exclusively to the
Latin American region.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180305005972/en/
Source: Validus Holdings, Ltd.
Validus Holdings, Ltd. or AlphaCat Managers, Ltd.
Charlotte Connerton / Mustafa Riffat