2011 has been a very interesting year for the catastrophe bond and insurance-linked securities market. We’ve seen cat bond defaults as a number of deals became a total loss, uncertainty as issuance stalled after the new RMS risk model was released, continuing financial market turbulence and other disasters which threatened exposed cat bonds. Despite all of this the market has successfully seen a healthy level of issuance and we have recorded 28 new cat bond or ILS deals in our Deal Directory.
Here’s a list of all the cat bond and ILS deals we have recorded in our Deal Directory during 2011. A few of these are private deals which other sources may not count in their annual total volume of issuance. In total we have recorded (at today’s conversion rates) just over $4.95 billion dollars of ILS and cat bond issuance in our Deal Directory during 2011, a great total for the year given the slowdown and other market impacting events.
With interest in cat bonds and ILS still rising from investors & investment managers and both experienced & potential new sponsors we currently expect 2012 to at least match this figure and hopefully surpass it.
| Issuer | Cedent | Risks / Perils covered | Size | Date | |
|---|---|---|---|---|---|
 |
Loma Reinsurance Ltd. (Series 2011-2) | Argo Re | Not confirmed – U.S. hurricane, U.S. earthquake, European windstorm, Japan earthquake | $100m | Dec 2011 |
|
Vecta I Ltd. | Aurigen Reinsurance | Embedded value securitization of life insurance mortality and lapse risk | C$120m | Dec 2011 |
|
Tramline Re Ltd. (Series 2011-1) | Amlin AG | U.S. hurricane, U.S. earthquake, European windstorm | $150m | Dec 2011 |
|
Atlas VI Capital Ltd. (Series 2011-1) | SCOR | U.S. hurricane, U.S. earthquake, European windstorm | $337m | Dec 2011 |
|
Golden State Re Ltd. (Series 2011-1) | California State Compensation Insurance Fund | Workers compensation claims resulting from California earthquakes | $200m | Dec 2011 |
|
Residential Reinsurance 2011 Ltd. (Series 2011-2) | USAA | U.S. hurricane, U.S. earthquake, U.S. severe thunderstorm, U.S. winter storm, U.S. wildfire | $150m | Nov 2011 |
|
Compass Re Ltd. (Series 2011-1) | National Union Fire Insurance Co. of Pittsburgh | U.S. hurricane, U.S. earthquake | $575m | Nov 2011 |
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Successor X Ltd. (Series 2011-3) | Swiss Re | U.S. hurricane, European windstorm | $130m | Nov 2011 |
|
Queen Street IV Capital Ltd. | Munich Re | U.S hurricane, European windstorm | $100m | Oct 2011 |
|
Calypso Capital Ltd. (Series 2011-1) | AXA Global P&C | European windstorm | €180m | Oct 2011 |
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Hoplon Insurance Ltd. | MyLotto24 | Lottery winnings | €70.5m | Sept 2011 |
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Kizuna Re Ltd. | Tokio Marine | Japan typhoon | $160m | Aug 2011 |
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Pylon II Capital Ltd. | EDF (via Natixis) | European windstorm | €150m | Aug 2011 |
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Embarcadero Re Ltd. (Series 2011-1) | California Earthquake Authority | California earthquake | $150m | Aug 2011 |
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Vita Capital IV Ltd. (Series V and VI) | Swiss Re | Extreme mortality | $180m | Jul 2011 |
|
Queen Street III Capital Ltd. | Munich Re | European windstorm | $150m | Jul 2011 |
|
Oak Leaf Re Ltd. (Series 2011-1) | Unknown Florida based cedent | U.S. hurricane | $11.95m | Jul 2011 |
|
Sector Re V Ltd. (Series 1, Class B) | Swiss Re | U.S. hurricane, U.S. earthquake, Australia earthquake, Australia tropical cyclone, European windstorm, Japanese earthquake | $70m | Jun 2011 |
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Loma Reinsurance Ltd. (Series 2011-1) | Argo Re | U.S. hurricane, U.S. earthquake, European windstorm, Japan earthquake | $100m | Jun 2011 |
|
Residential Reinsurance 2011 Ltd. (Series 2011-1) | USAA | U.S. hurricane, U.S. earthquake, U.S. severe thunderstorm, U.S. winter storm, U.S. wildfire | $250m | May 2011 |
|
Johnston Re Ltd. (Series 2011-1) | North Carolina JUA / IUA | North Carolina hurricane | $202m | May 2011 |
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Blue Fin Ltd. (Series 4) | Allianz | U.S. hurricane, U.S. earthquake | $40m | Apr 2011 |
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Vitality Re II Ltd. | Aetna Life Insurance Company | Medical benefit claims levels | $150m | Apr 2011 |
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Sector Re V Ltd. (Series 1, Class A) | Swiss Re | U.S. hurricane, U.S. earthquake, Australia earthquake, Australia tropical cyclone, European windstorm, Japanese earthquake, | $95m | Mar 2011 |
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Queen Street II Capital Ltd. | Munich Re | U.S. hurricane, European windstorm | $100m | Mar 2011 |
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East Lane Re IV Ltd. (Series 2011-1) | Chubb Group | U.S. hurricane, U.S. earthquake, U.S. severe thunderstorm, U.S. winter storm | $475m | Mar 2011 |
|
Successor X Ltd. (Series 2011-2) | Swiss Re | U.S. hurricane, U.S. earthquake | $305m | Feb 2011 |
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Foundation Re III Ltd. (Series 2011-1) | Hartford Fire Insurance Co. | U.S. hurricane | $135m | Feb 2011 |
Remember, for full details of every catastrophe bond & ILS transaction since the market began just visit our Deal Directory.
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