Bermudian insurer and reinsurer AXIS Capital Holdings Limited has sponsored a $39 million issuance of notes to its collateralised reinsurance sidecar, Alturas Re Ltd.
The latest issuance is the third of this year and takes the total amount of capital backing the sidecar vehicle to $169 million for 2019.
As reported by our sister publication Artemis, AXIS issued a $55 million tranche in late December, which was coupled with a larger, $75 million issuance of notes. The tranches of notes provide the Bermuda-based re/insurer with collateralised retrocession support for its property catastrophe reinsurance portfolio.
AXIS leverages its Alturas Re sidecar vehicle alongside its other third-party reinsurance capital arrangements, which includes direct quota shares.
Underlining the firm’s commitment to the insurance-linked securities (ILS) space and use of efficient and diversified forms of capacity to augment its reinsurance use, AXIS also sponsored a $165 million catastrophe bond transaction in June, Northshore Re II Ltd. (Series 2019-1).
