A new private catastrophe bond has come to market via an Aon operated White Rock Insurance entity that we believe to be domiciled in Guernsey, with a $14.85 million tranche of Raptor Re 2026-1 notes privately placed with qualified investors.
Of the private cat bonds, the majority have been issued out of Bermuda over the years, but in this case we believe the domicile of the White Rock structure used to issue the notes was in Guernsey.
The White Rock platform can be utilised as a risk transformation and securitisation platform for privately placed catastrophe bond notes and other collateralised reinsurance arrangements, while also facilitating certain captive and segregated account offerings for other insurance and reinsurance purposes as well.
The White Rock Insurance platform is managed by Aon Insurance Managers, so that unit will have played a role in getting this Raptor Re 2026-1 private cat bond, or cat bond lite, to market.
In addition we suspect that Aon’s Reinsurance Solutions broking team and its specialist capital markets and ILS unit Aon Securities, will have been involved in the structuring and placement of the transaction as well, as has been the case in previous White Rock issued private cat bonds.
White Rock Insurance has issued the $14.85 million of Raptor Re Series 2026-1 Principal At-Risk variable rate notes, on behalf of one of its segregated accounts.
These new $14.85 million of Raptor Re 2026-1 notes have been privately placed with qualified investors and are scheduled for maturity on January 7th 2027, we understand.
We assume the issuance transforms and securitizes and underlying reinsurance or retrocession related contract.
As with all of the private ILS or cat bond deals that we report on, we do not have details on risk metrics or trigger, while until we learn more details we assume these cover an unknown property catastrophe reinsurance or retrocessional risk for a ceding entity.
Including this latest private cat bond, or private insurance-linked securities arrangement, annual issuance in 2026 so far of these types of deals tracked by Artemis is now sitting just over the $300 million mark.
You can analyse catastrophe bond issuance by type of deal in this chart, which you can filter using the key to view only private cat bond issuance.
You can view details on every private cat bond we’ve tracked in the Artemis Catastrophe Bond Deal Directory. Use the filters to view only private cat bonds (filter by type).
