Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Catastrophe bonds, insurance linked securities, reinsurance capital & investment, risk transfer intelligence.
Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Foundation Re Ltd.

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Foundation Re Ltd. – At a glance:

  • Issuer: Foundation Re Ltd.
  • Cedent / sponsor: Hartford Fire Insurance Co.
  • Placement / structuring agent/s: Goldman, Sachs & Co acted as lead manager, BNP Paribas served as co-manager. MMC Securities Corp. acted as advisor to The Hartford.
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: U.S. hurricane, U.S. earthquake
  • Size: $247.5m
  • Trigger type: Industry loss index
  • Ratings: S&P: Class A - 'BB+', Class B - 'BBB+'
  • Date of issue: Nov 2004

Foundation Re Ltd. – Full details:

This deal consists of two separate coverages. One coverage provides $180 million of reinsurance for losses from U.S. Northeast and Gulf Coast hurricane events. The other coverage provides $67.5 million of reinsurance for losses resulting from certain U.S. earthquakes or hurricanes in the year following the occurrence of a major U.S. earthquake or hurricane event.

On November 17, Foundation Re financed the reinsurance coverage through the issuance of risk-linked securities pursuant to Rule 144A under the Securities Act of 1933.

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