FCC SPARC 2007

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FCC SPARC 2007 – At a glance:

  • Issuer: FCC SPARC 2007
  • Cedent / sponsor: AXA
  • Placement / structuring agent/s: Natixis structured the deal
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: Motor policies
  • Size: €411.6m ($556m)
  • Trigger type: Loss ratio trigger
  • Ratings: ?
  • Date of issue: Jul 2007
  • Date of maturity (dd/mm/yyyy): 01/01/2011

FCC SPARC 2007 – Full details:

The transaction involves the securitization of the payments related to four quota share reinsurance agreements between reinsurer Nexgen Re Ltd. and five subsidiaries of the AXA group, which cover the risk on a defined individual motor insurance policy book in four countries (Belgium, Germany, Italy and Spain).

Artemis converted the volume of the deal from €411.6 million to $461.85 million. The conversion rate is as of July 2007.

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