Munich Re reopened its Eden Re II collateralized sidecar vehicle to place a $101.4 million tranche of series 2017-1 class A notes due 2021, according to a Dec. 19 Artemis.bm report.
The placement is the fifth tap from the vehicle, which the insurer uses to support its underwriting and manage risk. It follows a $360 million reopening for the Jan. 2016 reinsurance renewal period. The sidecar was first launched in January 2014 and allows investors to support Munich Re for specific retrocessional reinsurance portfolios by taking a quota share of the subject business, according to Artemis.bm. The new notes are listed on the Bermuda Stock Exchange.
Last year's placing was also accompanied by a $75.6 million private sale of Class A Rule 144a notes. In addition to the Eden Re vehicle, Munich Re sells catastrophe bonds through the Queen Street SPV.