A further $200m of catastrophe bond notes have matured in the last few days. Chubb Groups 2008 cat bond East Lane Re II Ltd., which provided them with cover for various perils including hurricanes, earthquakes, winter storms and wildfires in the U.S. and Canada, has matured without loss.
The three tranches of notes issued by East Lane Re II have been delisted from the Cayman Islands Stock Exchange. Much of the cover afforded to Chubb Group from the East Lane Re II deal has been replaced by their recent $475m East Lane Re IV Ltd. transaction which completed last month.
With around $2.4 billion worth of catastrophe bonds maturing during Q2 2011 it’s going to be interesting to see who else replaces that cover with new issuances as Chubb have done.
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