A new $45.5 million Randolph Re private catastrophe bond has
been facilitated by Aon using the firm's protected cell company
White Rock Insurance Company PCC Limited.
This new series 2024-1 private cat bond marks the first time a
catastrophe bond has been issued using a Guernsey PCC
structure.
The deal is a renewal of previous deals that featured
reinsurance of wildfire risks on an indemnity trigger basis for a
US property casualty insurer with significant exposure to wildfire
risk in the State of California.
The Carey Olsen Guernsey corporate team that advised the
issuance of the bond comprised partner Christopher Anderson and
senior associate Arya Hashemi.
Carey Olsen partner Christopher Anderson said: "The
delivery of Randolph Re's latest private cat bond via a
Guernsey protected cell company for the very first time is a
groundbreaking moment for Guernsey's insurance industry. It
showcases both the benefits of structuring ILS transactions
