Newton Re Ltd.
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Newton Re Ltd. - At a glance:
- Issuer / SPV: Newton Re Ltd.
- Cedent / Sponsor: Catlin
- Placement / structuring agent/s: JP Morgan and Aon Capital Markets lead the deal
- Risk modelling / calculation agents etc: ?
- Risks / Perils covered: U.S. hurricane, U.S. earthquake
- Size: $225m
- Trigger type: Industry loss index
- Ratings: S&P: Class A - 'BB+', Class B - 'BB+'
- Date of issue: Dec 2007
- Artemis.bm news coverage: Articles discussing Newton Re Ltd. from Artemis.bm
Newton Re Ltd. - Full details
The transaction provides Catlin with “competitively priced and fully collateralized protection amounting to $87.5 million in the event of a severe US earthquake and $137.5 million in the event of a severe US hurricane. The coverage complements the catastrophe protection that Catlin purchases through the commercial reinsurance market as well as the three-year catastrophe swap agreement that Catlin Bermuda completed in November 2006”.
The Class A Notes of $87.5 million, are exposed to earthquake events, the Class B Notes of US$137.5 million, are exposed to US hurricane events.
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