Halyard Re

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Halyard Re - At a glance:

  • Issuer / SPV: Halyard Re
  • Cedent / Sponsor: Sorema
  • Placement / structuring agent/s: Merrill Lynch, Aon Capital Markets
  • Risk modelling / calculation agents etc: RMS
  • Risks / Perils covered: Japan typhoon, European windstorm, Japan earthquake
  • Size: $17m
  • Trigger type: Indemnity
  • Ratings: ?
  • Date of issue: May 1999

Halyard Re - Full details

Coverage for Japanese Earthquake and pan-European Windstorm events.

$17 million of variable rate notes, triggered by 80 million Euros of windstorm losses in Europe, or typhoon or earthquake loss in Japan that exceeds 10.6 billion yen. Notes mature in 2002.

Halyard Re isthe first catastrophe bond that provides indemnity coverage for Japanese Earthquake and pan-European Windstorm events.

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