Salam III Limited
ATLANTICLUX Lebensversicherung S.A. (ATL) acts as ultimate obligor in the programme, which is sponsored by ATL's parent company FWU AG.Salam III Limited is a limited, non-cellular company duly incorporated under The Company (Guernsey) Law 2008 that has been set up specifically to issue the Sukuk programme and enter into a swap agreement with Salam III A IC Limited, an incorporated cell of Salam ATL Re ICC Limited. The cell is 100% owned by AON Services (Guernsey) Limited. Salam III A IC Limited acts as a "transformer vehicle" in this transaction and enters into a reinsurance contract with ATL. Through this reinsurance contract, ATL cedes 90% of the remaining mortality risk to Salam III A IC Limited and part of the lapse risk from a designated block of new business policies. A retrocession contract has been set up between Salam III A IC Limited and Partner Reinsurance Europe Ltd. (IFS 'AA-'/Stable) for all mortality risk in the designated portfolio and therefore leaves Salam III A IC Limited retaining only lapse risk which is then transferred by the swap agreement to Salam III Limited.Proceeds from the programme will be used to finance upfront acquisition costs of new business.