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.
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