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Report: Aetna sets up $200M medical benefit claims ratio-linked cat bond

Aetna Inc. established a special purpose vehicle for a $200 million insurance-linked securities transaction, Artemis reported.

Cayman Islands-based Vitality Re XI Ltd. will issue two tranches of series 2020 notes. The $140 million class A tranche will provide coverage for losses above a medical benefit claims ratio of 102%, equivalent to a $1.02 billion loss level and an expected loss of less than 0.01%. The notes will be offered to investors with a price guidance range of 1.75% to 2.25%.

The $60 million class B tranche will cover Aetna for losses above a medical benefit claims ratio of 96%, equivalent to a $960 million loss level and an expected loss of 0.04%. The notes are being marketed with price guidance of between 2% and 2.75%, according to the report.

Goldman Sachs is the sole book runner and co-structuring agent for the issuance, while Munich Re is acting as co-manager and co-structuring agent.

As part of the transaction, Aetna Life Insurance Co. will enter into a quota share reinsurance agreement with Vermont captive Health Re Inc. Health Re will then enter into two excess of loss reinsurance agreements with the special purpose vehicle.