East Lane Re III 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.

East Lane Re III Ltd. - At a glance:

  • Issuer / SPV: East Lane Re III Ltd.
  • Cedent / Sponsor: Chubb Group
  • Placement / structuring agent/s: Citibank act as swap guarantor
  • Risk modelling / calculation agents etc: AIR Worldwide
  • Risks / Perils covered: U.S. hurricane
  • Size: $150m
  • Trigger type: Indemnity
  • Ratings: S&P: 'BB'
  • Date of issue: Feb 2009
  • Artemis.bm news coverage: Articles discussing East Lane Re III Ltd. from Artemis.bm

East Lane Re III Ltd. - Full details

Chubb’s third deal in the East Lane series, East Lane Re III provides three years of cover to Federal Insurance Company and other Chubb subsidiaries.

This deal transfers a portion of Chubb’s Florida hurricane residential personal lines exposure to the capital markets via a securitization. Chubb will retain 10% of the exposure ceded.

Standard & Poor’s have rated the $150m of notes BB. The bond covers Chubb for losses above $850m up to $1.15b.

The deal is structured so that Chubb can extend the deal for up to 18 months to allow for any developing losses to be accounted for. The assets in the collateral account will be a mix of government backed securities with similar durations to the transaction.

East Lane Re III is a Cayman Islands domiciled special purpose vehicle.

Go back to the Catastrophe Bond Deal Directory

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.

Jardine Lloyd Thompson Capital Markets

Credit Suisse Insurance Linked Strategies
Twelve Capital