East Lane Re II Ltd.

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East Lane Re II Ltd. - At a glance:

  • Issuer / SPV: East Lane Re II Ltd.
  • Cedent / Sponsor: Chubb Group
  • Placement / structuring agent/s: Goldman Sachs were lead managers
  • Risk modelling / calculation agents etc: AIR Worldwide
  • Risks / Perils covered: Multi peril - U.S. & Canada
  • Size: $200m
  • Trigger type: Indemnity
  • Ratings: S&P: Class A - 'BB', Class B - 'BB', Class C - 'B-'
  • Date of issue: Mar 2008
  • Artemis.bm news coverage: Articles discussing East Lane Re II Ltd. from Artemis.bm

East Lane Re II Ltd. - Full details

Chubb Group has issued their second cat bond deal in the East Lane series.

The first two tranches of notes provide multi-year coverage against certain hurricane, earthquake, thunderstorm, winter storm, wildfire, or other events (other events include: fire, explosion, lightning, volcanic actions, mudslides, the overflowing of a body of water, falling objects, the direct impact of aircraft and collapse of building) in the northeast U.S.

The third tranche covers against events in the whole U.S. and Canada.

East Lane II’s losses will be linked to the actual loss suffered by Federal Insurance Company and other members of the Chubb Group.

Standard & Poor’s have rated the notes (tranches a and b rated BB, tranche c rated B-), saying that this is the first time they have rated a deal which includes modelled wildfire events.

The deal provides three years of coverage through Cayman Islands based special purpose vehicle East Lane Re II up to April 2011.

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