Terra Brasis Re renews its LatAm cat bond via AlphaCat

Brazilian reinsurer Terra Brasis Resseguros has renewed a cat bond that provides it with protection against certain types of property-catastrophe risk in Latin America on an indemnity basis.

Alpha Terra Validus II, a $5 million private catastrophe bond transaction, was underwritten and invested by AlphaCat Managers, a subsidiary of Bermuda-based Validus Holdings. The deal renews the 2017 Terra Brasis Validus I transaction.

The renewal transaction has also been issued through a segregated account of White Rock Insurance (SAC), which is managed by Aon Insurance Managers, Bermuda. The notes were admitted to the Bermuda Stock Exchange as of Jan. 15, 2018 and will remain listed there until maturity.

Lixin Zeng, the CEO of AlphaCat, said: “We are pleased to continue our successful partnership with Terra Brasis Re and look forward to working together in the future.”

Rodrigo Botti, director of Terra Brasis Re, added: “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.”

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