Calabash Re Ltd.
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Calabash Re Ltd. - At a glance:
- Issuer / SPV: Calabash Re Ltd.
- Cedent / Sponsor: ACE American Insurance Co.
- Placement / structuring agent/s: Swiss Re structured the deal
- Risk modelling / calculation agents etc: EQECAT
- Risks / Perils covered: U.S. hurricane
- Size: $100m
- Trigger type: Industry loss index
- Ratings: S&P: 'BB'
- Date of issue: May 2006
- Artemis.bm news coverage: Articles discussing Calabash Re Ltd. from Artemis.bm
Calabash Re Ltd. - Full details
Swiss Re structured a $100 million cat bond in May to cover reinsurance of US hurricane exposure it provided to Ace American Insurance.
Called Calabash Re, the deal gives Swiss Re a source of index-based coverage for hurricanes in the US on a per-occurrence basis for a three-year period.
If a hurricane passes through the covered area and triggers a loss to Ace’s notional portfolio in excess of a predetermined index value, the note-holders risk a loss of principal.
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