The Texel Group arranges further unfunded protection for Credit Suisse’s Elvetia CRT programme


The Texel Group arranges further unfunded protection for Credit Suisse’s Elvetia CRT programme

(LONDON, U.K.) 17th May, 2022 – The Texel Group (‘Texel’) is pleased to announce it has acted as broker in arranging insurance cover for another transaction in Credit Suisse’s “Elvetia” synthetic securitisation programme.

Texel arranged cover for the mezzanine tranche of the recently concluded Elvetia transaction. The transaction referenced a blind portfolio of CHF3.5 billion of SME and Corporate Loans made primarily to Swiss obligors. The insurance cover attached at 4.0% as part of a CHF70 million mezzanine tranche.

Texel’s Structured and Bespoke Solutions team worked closely with Credit Suisse several years ago and contributed to developing the structure and suite of documents through which Credit Suisse distributes the unfunded tranches of its Elvetia programme.

Since closing the first syndicated placement of insurance on a synthetic securitisation for Credit Suisse, we are delighted that we have been able to significantly grow the panel of supporting insurers for Credit Suisse’s programme and the market’s understanding of this sector,” commented Alan Ball, Director, Structured and Bespoke Solutions at The Texel Group, adding “having in-house expertise with regard to both the technical requirements of these transactions and the parameters in which insurers have to operate is critical to ensuring positive experiences and outcomes for both clients and underwriters – it is because of this expertise that we have been able to consistently introduce new Lloyd’s and company markets to their first synthetic securitisations which ultimately translates into greater scale, counterparty diversification and economic benefits to our clients.”


About The Texel Group

The Texel Group is a market-leading specialist insurance broker, primarily focused on the development, structuring and execution of credit and political risk insurance policies for our clients. Founded in 1997, Texel has grown to have over 70 employees across 5 offices globally (Brussels, London, Los Angeles, New York, and Singapore). Texel also owns a Managing General Agent called ‘Tierra’, which is dedicated to supporting sustainable project finance transactions with credit insurance capacity. The Texel Foundation provides grants to a range of charities in health, education, social impact, and artistic opportunity.


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