Global specialist re/insurer AXIS Capital has added another layer to its Alturas Re collateralised sidecar issuance for 2020, with $47.25 million of what look like property catastrophe insurance linked notes issued in two tranches.

At the end of 2019 we reported that AXIS Capital had issued $64.14 million of notes in its first Alturas Re sidecar issuance for 2020, in a deal that looks to have been a renewal of the property catastrophe reinsurance layer of the vehicle.

Now, it appears that the short-tail property catastrophe insurance linked layers have been issued and sold to investors, as AXIS Capital continues to leverage the Alturas Re sidecar to cede both insurance and reinsurance risks to capital market investors.

The company continues to expand on its insurance-linked securities (ILS) activities, particularly in private quota shares, while the Alturas Re sidecar allows it to also syndicate some of its risk to investors in securitised form.