Obra Insurance Special Situations Team Holds First Close For A Novel Financing Structure Secured By Insurance Receivables

On April 21, 2023, the Obra Insurance Special Situations team held the first closing for a novel financing structure designed for the US insurance industry. The first closing drew interest from insurance balance sheet investors and additional closings are expected in the coming quarter. The privately rated investment grade financing pays a fixed rate coupon in a fully amortizing structure and is secured by insurance receivables in addition to other structural credit enhancements.