Blue Wings Ltd.
The Artemis Catastrophe Bond and Insurance-linked Securities Deal Directory aims to provide a one-stop resource for information on every cat bond and ILS transaction we hold information on. The content of this Deal Directory is provided as is and there will be some omissions. Help us to keep these cat bond and ILS transaction summaries up to date by contacting us if you see an error or omission that you can correct.
Blue Wings Ltd. - At a glance:
- Issuer / SPV: Blue Wings Ltd.
- Cedent / Sponsor: Allianz Global Corporate Speciality
- Placement / structuring agent/s: ?
- Risk modelling / calculation agents etc: RMS
- Risks / Perils covered: U.S. earthquake, UK flood
- Size: $150m
- Trigger type: Modelled loss and Parametric index
- Ratings: S&P: 'BB+'
- Date of issue: Apr 2007
- Artemis.bm news coverage: Articles discussing Blue Wings Ltd. from Artemis.bm
Blue Wings Ltd. - Full details
This innovative catastrophe bond transfers the risk of severe river floods in Great Britain and earthquakes in Canada and the US excluding California.
This cat bond holds two risks: first, earthquake in Canada and the US excluding California, using a “modeled loss” trigger and second, river flood in Great Britain using a second-generation parametric index trigger, the innovative part of the project.
The index for flood is based on flood depths that will be calculated in more than fifty locations across Great Britain and was developed with the technology of RMS. As part of the post-event process, Halcrow Group, a British engineering company, will provide the information necessary for the index calculation, the ultimate value of which will determine whether or not investors are losing part of their investment.
This was the first catastrophe bond with flood risk exposure.
The Artemis Catastrophe Bond & Insurance-Linked Securities Deal Directory is copyright © Steve Evans Ltd. Reproduction or publication without permission is not permitted. Use of this information within a commercial product, or for profit, without a license is strictly prohibited. Contact us if you would like to use this content or to discuss licensing.