Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Redwood Capital VI Ltd.

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Redwood Capital VI Ltd. – At a glance:

  • Issuer: Redwood Capital VI Ltd.
  • Cedent / sponsor: Swiss Re
  • Placement / structuring agent/s: ?
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: California earthquake risks
  • Size: $150m
  • Trigger type: Industry loss index
  • Ratings: S&P: 'BB+'
  • Date of issue: Dec 2004

Redwood Capital VI Ltd. – Full details:

A sixth tranche of cat bond cover for the California Earthquake Authority, via reinsurer Swiss Re, providing an additional layer of $150m of collateralised earthquake cover.

Redwood VI is structured similarly to Redwood V but losses from all business lines (including commercial) are accounted for to calculate the trigger points.
The bonds have a maturity of two years.

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