AXIS Capital Sponsors Alturas Re Ltd. Series 2020-1(I) Notes

Transaction Overview

AXIS announced the issuance of 2020-1(I) notes by Alturas Re Ltd.

  • Includes $47.25mm of Class A and B Participating Notes listed on the Bermuda Stock Exchange
  • Alturas Re Ltd. is a Bermuda segregated accounts Special Purpose Insurer
  • The 2020-1 Notes will provide collateralized capacity to AXIS’ global property insurance portfolio
  • Terms of the transaction were undisclosed

Alturas represents a key component of the expansion of AXIS’ third party capital strategy

  • Developing long-term, multi-faceted, and mutually beneficial relationship with investors
  • Exploring a wide range of potential transaction structures and subject lines of business

AXIS is a global specialty insurer and reinsurer headquartered in Bermuda

  • Provides clients and distribution partners with a broad range of specialty products
  • ~$6.9bn of premium written in 2018 in 27 offices across 4 continents
  • Market leader in several target segments, including:
    • Top 10 writer of U.S. Excess & Surplus Lines
    • Top 10 franchise at Lloyd’s by written premium
    • Top 10 insurer of North American Professional Lines

TigerRisk Capital Markets & Advisory Role

TCMA acted as exclusive structuring and placement agent to AXIS

  • Provided advice through all stages of the process to drive an optimal outcome for AXIS
  • Integrated effort by TigerRisk’s capital markets, reinsurance, and analytics teams
  • Key transaction steps led by TigerRisk included:
    • Provided valuable advice on the design and structuring of the subject portfolio
    • Assisted with modeling the subject portfolio, including non-catastrophe exposures
    • Selected, introduced and arranged meetings with key participating investors
    • Offered key insight around key transaction terms and conditions