Namazu Re Ltd.

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Namazu Re Ltd. - At a glance:

• Issuer / SPV: Namazu Re Ltd.
• Cedent / Sponsor: Gerling Global Re
• Placement / structuring agent/s: Goldman Sachs, Aon Capital Markets
• Risk modelling / calculation agents etc: EQECAT
• Risks / Perils covered: Japan earthquake
• Size: $100m
• Trigger type: Modelled loss
• Ratings: S&P: 'BB'
• Date of issue: Nov 1999

Namazu Re Ltd. - Full details

$100m of catastrophe bonds to protect Gerling Global Re from high-level losses from earthquakes in Japan. Sources indicate the offering, known as Namazu, was structured in a single tranche putting the whole investors’ principal at risk.

Losses occur when modelled losses exceed a yen-denominated attachment point. Payout is not dependent on actual losses to Gerling, but is tied parametrically to a notional portfolio of treaty and facultative business representing Gerlings exposure in the covered territory.

The $100m of five year floating rate notes have been rated ‘BB’ by Duff & Phelps Credit Rating Co.