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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