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.
Champlain Ltd. - At a glance:
- Issuer / SPV: Champlain Ltd.
- Cedent / Sponsor: Montpelier Re
- Placement / structuring agent/s: ?
- Risk modelling / calculation agents etc: ?
- Risks / Perils covered: U.S. hurricane, U.S. earthquake, Japan earthquake
- Size: $90m
- Trigger type: Modelled loss
- Ratings: S&P: Class A - 'B', Class B - 'B+'
- Date of issue: Dec 2005
Champlain Ltd. - Full details
Two tranches of cat bond notes providing $90 million in catastrophe protection to Montpelier Re via Champlain Limited, a Cayman Island company.
The coverage is based on modeled market loss triggers. Upon the occurrence of an earthquake or hurricane in the covered territories, the parameters of the catastrophe event are determined and modeled against the notional portfolios. If the modeled loss to the notional portfolio exceeds the attachment point for the event, or second event for the second transaction, then Montpelier will receive immediate payment from Champlain under the counterparty agreement.
The new catastrophe protection provides two forms of coverage over the next three years to Montpelier. The first tranche provides for the payment of up to $75 million for modeled market losses arising from earthquakes in United States or Japan.
The second tranche provides for the payment of up to $15 million for second event modeled market losses arising from multiple hurricane and/or earthquake events in the United States, excluding Alaska and Hawaii.
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