Loma Reinsurance Ltd. (Series 2011-2)

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.

Loma Reinsurance Ltd. (Series 2011-2) - At a glance:

  • Issuer / SPV: Loma Reinsurance Ltd. (Series 2011-2)
  • Cedent / Sponsor: Argo Re
  • Placement / structuring agent/s: Goldman Sachs structured the deal and acted as bookrunner. Deutsche Bank Securities are co-manager
  • Risk modelling / calculation agents etc: AIR Worldwide
  • Risks / Perils covered: U.S. hurricane, U.S. earthquake
  • Size: $100m
  • Trigger type: Industry loss index
  • Ratings: NA
  • Date of issue: Dec 2011
  • Artemis.bm news coverage: Articles discussing Loma Reinsurance Ltd. (Series 2011-2) from Artemis.bm

Loma Reinsurance Ltd. (Series 2011-2) - Full details

Argo Re’s second catastrophe bond under the Cayman Islands domiciled Loma Reinsurance Ltd. SPV.

This $100m of Series 2011-2 Class A notes have been privately issued without a rating from any ratings agency.

The $100m of notes provide cover on an industry loss basis for U.S. hurricanes and U.S. earthquakes. Cover is afforded for first and subsequent events and the earthquake coverage includes fire following.

The deal has a two year risk period. It uses PCS industry loss data for both covered perils. The attachment level is industry losses of $35 billion with an exhaustion of $70 billion, so this provides cover for the most extreme of events. Industry losses include property losses from personal, commercial and also auto lines.

The cover this deal provides includes the losses experienced by Argo Re’s Lloyd’s of London subsidiary Lloyd’s Syndicate 1200.

Collateral for the transaction is to be invested in U.S. Treasuries.

The $100m of notes provide a level of cover above their Series 2011-1 tranche, which was activated by industry losses above a fixed level and then had a second event trigger level as well. Therefore Argo Re are securing a second, higher tier of industry loss based reinsurance cover through this cat bond transaction.




Go back to the Catastrophe Bond Deal Directory

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.














Jardine Lloyd Thompson Capital Markets