Foundation Re Ltd.
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Foundation Re Ltd. - At a glance:
- Issuer / SPV: Foundation Re Ltd.
- Cedent / Sponsor: Hartford Fire Insurance Co.
- Placement / structuring agent/s: Goldman, Sachs & Co acted as lead manager, BNP Paribas served as co-manager. MMC Securities Corp. acted as advisor to The Hartford.
- Risk modelling / calculation agents etc: ?
- Risks / Perils covered: U.S. hurricane, U.S. earthquake
- Size: $247.5m
- Trigger type: Industry loss index
- Ratings: S&P: Class A - 'BB+', Class B - 'BBB+'
- Date of issue: Nov 2004
Foundation Re Ltd. - Full details
This deal consists of two separate coverages. One coverage provides $180 million of reinsurance for losses from U.S. Northeast and Gulf Coast hurricane events. The other coverage provides $67.5 million of reinsurance for losses resulting from certain U.S. earthquakes or hurricanes in the year following the occurrence of a major U.S. earthquake or hurricane event.
On November 17, Foundation Re financed the reinsurance coverage through the issuance of risk-linked securities pursuant to Rule 144A under the Securities Act of 1933.
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