Summary: Vitality Re IX Ltd. Series 2018 Class A And Class B Notes

S&P Global Ratings has assigned its 'BBB+(sf)' and 'BB+(sf)' preliminary ratings to the class A and class B notes, respectively, to be issued by Vitality Re IX Ltd. The notes will cover claims payments of Health Re Inc.--and ultimately, Aetna Life Insurance Co. (ALIC)--related to the covered insurance business to the extent the medical benefits ratio (MBR) exceeds 100% for the class A notes and 94% for the class B notes. The MBR will be calculated on an annual aggregate basis. We assessed the various risks contained in these issuances based on " Principles Of Credit Ratings,"(published Feb. 16, 2011, on RatingsDirect); "Rating Natural Peril Catastrophe Bonds: Methodology and Assumptions," Dec. 18, 2013); and the other criteria listed under "Related

...S&P Global Ratings has assigned its '###+(sf)' and '##+(sf)' preliminary ratings to the class A and class B notes, respectively, to be issued by Vitality Re IX Ltd. The notes will cover claims payments of Health Re Inc.--and ultimately, Aetna Life Insurance Co. (ALIC)--related to the covered insurance business to the extent the medical benefits ratio (MBR) exceeds 100% for the class A notes and 94% for the class B notes. The MBR will be calculated on an annual aggregate basis. We assessed the various risks contained in these issuances based on " Principles Of Credit Ratings,"(published Feb. 16, 2011, on RatingsDirect); "Rating Natural Peril Catastrophe Bonds: Methodology and Assumptions," Dec. 18, 2013); and the other criteria listed under "Related Criteria And Research" at the end of this report. Vitality Re IX is a Cayman Islands exempted company licensed as a class C insurer in the Cayman Islands. The current maturity profile for the outstanding (and expected to be issued, in the case...

Summary