Chicago, May 7 – Vantage Risk Ltd. sold an upsized issue of $225 million of series 2021-1 class A principal-at-risk variable rate notes, according to a press release.
The Rule 144A notes are the company’s first index-triggered catastrophe bonds.
The bonds provide Vantage with multiyear risk transfer capacity on an indexed basis to protect against the aggregation of a U.S. named storm and North American earthquake risk.
The designated risk period runs from May 15 to May 14, 2021.
More specific pricing was not available, but the company mentions that the notes priced below guidance.
The issue size was originally targeted at $150 million.
GC Securities, a division of MMC Securities LLC, was the structuring agent and the bookrunner.
Sidley Austin LLP worked as counsel.
Vantage Risk is a Bermuda reinsurance company, part of Vantage Group. Carlyle Group and Hellman & Friedman are lead investors.
| Issuer: | Vantage Risk Ltd.
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| Issue: | Series 2021-1 class A principal-at-risk variable rate notes
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| Amount: | $225 million
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| Bookrunner: | GC Securities
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| Trade date: | April 26
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| Settlement date: | May 4
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| Distribution: | Rule 144A
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