Queen Street Ltd.
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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
- Artemis.bm news coverage: Articles discussing Queen Street Ltd. from Artemis.bm
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.
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