Resilience Foundation provides $65 million investment note to Cover Re
1 report, 1 independent
Updated Oct 20
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What happened
Cover Re SPC Ltd. executed a $65 million investment note with the Resilience Foundation. This transaction follows a previous $100 million note, bringing the total capital deployed by the Resilience Foundation into Cover Re to $165 million. The capital was sourced through the Foundation's onchain infrastructure and converted from stablecoins into U.S. dollars.
From manilatimes.net
Why it matters
The new capital and senior appointments strengthen the risk, investment, and underwriting functions of Cover Re. The funds are held in trust accounts for the benefit of ceding insurers, and the note ranks junior to Cover Re's reinsurance obligations.
From manilatimes.net
Who's involved
- companyCayman-based reinsurer that received the investment note
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The entities involved
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Cayman Islands
British overseas territory in the Caribbean