Encumbrance Newpoint Reinsurance Company Limited Nevis St Kitts Nevis over the assets of NPFC SPV 1 Inc WY USA dated 27 Jun 2022 Ref. 2022-22160822
Lender / Secured party/ies:
Newpoint Reinsurance Company Limited (Nevis, St Kitts & Nevis)Debtor / Grantor/s:
NPFC SPV 1 Inc (WY, USA)Secured amount (USD$):
refer to the collateral for this information.Collateral:
Secured Party and Debtor entered into a Note Issuance Agreement in which Debtor has issued 2 individual Notes in the amount of USD $5 million each represented by CUSIP# 65172Q AAS / ISIN # US65172QAA58. Notes are identified as NPFC/UST/CN/2021/01-34 and NPFC/UST/CN/2021/01-35. Pursuant to the Note Issuance Agreement and Notes, Debtor has pledged to Secured Party as Collateral all of its rights to the principal corpus of the United States Treasury Bonds registered under CUSIP 912810QZ4. The terms of this Collateral Pledge and Security Agreement are reflected in the agreement between Secured Party and Debtor. It is noted that the amount of USD$10 million is allocated exclusively to support the obligations under the Workers' Compensation and Employer's Liability Quota Share Reinsurance Contract Effective January 1, 2021 between StarStone National Insurance Company (signed 18th April 2022) and Newpoint Reinsurance Company Limited (NPRE) (signed 29th March 2022 with NPRE stamp reference NPREri0322201WC00081).
Analysis (Mark Smith's comments):
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