The total issuance size was USD 111.39 million as set out below:
- USD 5.3 million Series 2020-1(I) Class A Notes;
- USD 41.95 million Series 2020-1(I) Class B Notes; and
- USD 64.14 million Series 2020-2 (R) Class A Notes
The notes have a due date of 10 March 2023 and have been placed with qualified institutional investors.
The company continues to expand on its insurance-linked securities (ILS) activities, particularly in private quota shares, while the Alturas Re sidecar allows it to also syndicate some of its risk to investors in securitised form. The Alturas Re sidecar remains relatively unique, as it is dual use in featuring some tranches of property catastrophe reinsurance related risk, as well as tranches that provide investors with access to the returns of some of AXIS’ primary property insurance risks.
Partner Brad Adderley led the transaction with assistance from Partner Gary Harris and Associate Laura Burns.