Lakeside Re Ltd.
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Lakeside Re Ltd. - At a glance:
- Issuer / SPV: Lakeside Re Ltd.
- Cedent / Sponsor: Zurich American Insurance Corporation
- Placement / structuring agent/s: Munich Re transferred the risk on behalf of Zurich. Aon Capital Markets assisted.
- Risk modelling / calculation agents etc: RMS
- Risks / Perils covered: California earthquake
- Size: $190m
- Trigger type: Dual PCS industry loss and indemnity (UNL)
- Ratings: S&P: 'BB+'
- Date of issue: Dec 2006
- Artemis.bm news coverage: Articles discussing Lakeside Re Ltd. from Artemis.bm
- Other coverage: Link to external coverage
Lakeside Re Ltd. - Full details
Munich Re has transferred earthquake risks in California to the capital markets for subsidiaries of the Zurich Financial Services Group (Zurich); in cooperation with Aon Capital Markets, it has provided coverage through a US$ 190m catastrophe bond placement.
The issuer of the bond is Lakeside Re Ltd., a special purpose reinsurance company domiciled in the Cayman Islands, to which Munich Re has transferred the risks from a reinsurance treaty with Zurich American Insurance Company and its affiliates.
In the event of an earthquake in California leading to large losses, the US$ 190m will be available either in total or proportionately to cover the reinsurance for Zurich.
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