Assurant, a provider of specialty insurance and insurance-related products and services, has said that some of its subsidiaries have signed reinsurance agreements providing for $150m in multi-year, fully collateralised reinsurance from Ibis Re, a special purpose reinsurance company domiciled in the Cayman Islands.

Assurant, a provider of specialty insurance and insurance-related products and services, said that some of its subsidiaries have signed reinsurance agreements providing for $150m in multi-year, fully collateralised reinsurance from Ibis Re, a special purpose reinsurance company domiciled in the Cayman Islands.

Ibis Re financed the property catastrophe reinsurance coverage by issuing $150m in catastrophe bonds to qualified institutional buyers.

As a component of overall risk management program, the Ibis Re reinsurance consists of two separate layers of coverage for protection against losses from individual hurricane events in Hawaii and along the Gulf and eastern coasts of the US.

Robert Pollock, president and chief executive officer of Assurant, said: Reinsurance protection financed through the capital markets is strategically important for Assurant as it provides us fully collateralized, multi-year coverage that complements our traditional reinsurance program.

“We are very pleased with the results of this transaction. We expect to have completed the placement of our 2010 property catastrophe reinsurance program with reinsurers in June. As we have done in the past, we will provide details of the full 2010 program when it is completed.