Swiss Re places €75m of French windstorm risk on behalf of Groupama through Green Fields Capital Ltd.

by Artemis on January 7, 2011

Swiss Re have issued a press release about the recently completed Green Fields Capital Ltd. catastrophe bond transaction which they arranged and issued on behalf of Groupama. The deal provides Swiss Re with cover for reinsurance they provide to Groupama. The press release follows below.

Swiss Re places EUR 75 million of French windstorm risk on behalf of Groupama S.A. through Green Fields Capital Limited

07 January 2011, Zurich

Swiss Re Capital Markets has successfully structured and placed EUR 75 million of notes issued by Green Fields Capital Limited (“Green Fields”) covering French windstorm events. Green Fields is a newly established Irish special purpose company incorporated with limited liability.

Swiss Re Capital Markets has successfully structured and placed EUR 75 million of notes issued by Green Fields Capital Limited (“Green Fields”) covering French windstorm events. Green Fields is a newly established Irish special purpose company incorporated with limited liability. The transaction sponsor is Groupama S.A., with Swiss Reinsurance Company Ltd acting as the counterparty for the deal.

Green Fields single tranche series 2011-1 Class A notes is the first issuance under a principal-at-risk variable-rate note shelf programme. The four-year notes are rated “BB+ (sf)” by Standard & Poor’s and are scheduled for redemption in January 2015. The risk period for the tranche is from January 2011 through December 2014. Collateral for this issuance consists of a European Bank for Reconstruction and Development “EBRD” Floating Rate Note.

“Swiss Re is pleased to support key clients such as Groupama in their risk management strategies to cede peak risks into capital markets by launching programmes like Green Fields, which builds upon the successes of past Green Valley transactions.” said Jean-Louis Monnier, Swiss Re’s Head of ILS Europe.

Swiss Re Capital Markets acted as sole structuring agent and bookrunner for the offering. The transaction utilizes a PERILS Industry Loss Trigger.

Risk modelling and analysis were performed by Risk Management Solutions Inc. (RMS).

The Green Fields notes were sold in a private placement pursuant to Rule 144A of the U.S. Securities Act of 1933, as amended, (the “Securities Act”) and have not been registered under the Securities Act or any state securities laws; they may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

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