Kamp Re 2005 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.
Kamp Re 2005 Ltd. - At a glance:
- Issuer / SPV: Kamp Re 2005 Ltd.
- Cedent / Sponsor: Zurich American Insurance Corporation
- Placement / structuring agent/s: Swiss Re Capital Markets was bookrunner and structured the deal
- Risk modelling / calculation agents etc: RMS
- Risks / Perils covered: U.S. hurricane, U.S. earthquake
- Size: $190m
- Trigger type: Indemnity
- Ratings: S&P: 'BB+'
- Date of issue: Aug 2005
Kamp Re 2005 Ltd. - Full details
Kamp Re 2005 will protect Zurich American Insurance Corporation against U.S. hurricanes for three years and also against quakes on the New Madrid fault. The bond will be triggered if Zurich’s losses from a single storm or quake rise above $1bn.
Swiss Re has also placed itself as a cedent in this deal by selling reinsurance to Zurich and buying into Kamp for protection.
Kamp Re was triggered by the 2005 hurricane season, particularly Katrina with the end result being that investors lost 75% of the principal in the deal. $45m was returned to investors (of the $190m) when the deal reached final maturity.
Kamp Re was the first natural catastrophe bond to be triggered and default.
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.