EOS Wind Ltd.
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EOS Wind Ltd. - At a glance:
- Issuer / SPV: EOS Wind Ltd.
- Cedent / Sponsor: Munich Re
- Placement / structuring agent/s: GC Securities are sole bookrunner
- Risk modelling / calculation agents etc: RMS
- Risks / Perils covered: U.S. hurricane, European windstorm
- Size: $80m
- Trigger type: Industry loss index and Paradex index
- Ratings: ?
- Date of issue: May 2010
- Artemis.bm news coverage: Articles discussing EOS Wind Ltd. from Artemis.bm
EOS Wind Ltd. - Full details
Originally targetting $100m of cover for Munich Re, this deal has completed at $80m (most likely due to the fast approaching hurricane season).
The Dublin, Ireland based EOS Wind Ltd. will provide Munich Re with $80m of cover on a per-occurrence basis over a four year period and uses a PCS index for the portion which covers U.S. hurricanes and a Paradex index for the portion which covers European windstorms.
$50m of Class A Notes are exposed to U.S. hurricane events and utilize a state-weighted per occurrence PCS index trigger structure based on insured losses reported by PCS from a hurricane event.
The $30m Class B Notes are exposed to U.S. hurricane events for which they use the same PCS index trigger as the Class A Notes, as well as European windstorm events for which it will utilize a country-weighted Paradex trigger.
MEAG, Munich Re’s asset management company, created a fund for U.S. Treasury Bills which will act as the collateral for the deal. Investers will receive variable-rate interest from the T Bills fund.
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