Queen Street Ltd.

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.

Queen Street Ltd. - At a glance:

• Issuer / SPV: Queen Street Ltd.
• Cedent / Sponsor: Munich Re
• Placement / structuring agent/s: Munich Re Capital Markets acted as placement agent
• Risk modelling / calculation agents etc: EQECAT
• Risks / Perils covered: European windstorm
• Size: €170m
• Trigger type: Parametric index
• Ratings: S&P: Class A - 'BB+', Class B - 'B'
• Date of issue: Mar 2008

Queen Street Ltd. - Full details

Munich Re has issued a €170m catastrophe bond through a newly established catastrophe bond programme called Queen Street Ltd.

Following on from previous Munich Re transactions, peak windstorm risks are again being placed on the capital market, via a first tranche with a volume of €100m. Standard & Poor’s has given the tranche a B rating.

A second tranche with a volume of €70m securitises windstorm frequency losses (so-called aggregate XL) for the first time. The aggregate XL tranche was given a BB+ rating by Standard & Poor’s.