Ajax Re Ltd.

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Ajax Re Ltd. - At a glance:

  • Issuer / SPV: Ajax Re Ltd.
  • Cedent / Sponsor: Aspen Insurance
  • Placement / structuring agent/s: Willis Capital Markets acted as co-lead manager. Lehman Brothers acted as initial purchaser and bookrunner.
  • Risk modelling / calculation agents etc: ?
  • Risks / Perils covered: California earthquake
  • Size: $100m
  • Trigger type: Industry loss index
  • Ratings: S&P: 'BB'
  • Date of issue: Apr 2007
  • Artemis.bm news coverage: Articles discussing Ajax Re Ltd. from Artemis.bm
  • Other coverage: Link to external coverage

Ajax Re Ltd. - Full details

Aspen entered into a multi-year property catastrophe reinsurance agreement with Ajax Re Ltd. to provide up to $100 million of reinsurance coverage for Aspen’s insurance subsidiaries in the event of one or more California earthquakes.

Ajax Re issued the notes as part of a $1 billion shelf program. Loss payments are calculated using a PCS industry index of losses.

The notes have acoupon of Libor +625 basis points and mature on May 9, 2009.

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