Redwood Capital V Ltd.
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Redwood Capital V Ltd. - At a glance:
- Issuer / SPV: Redwood Capital V Ltd.
- Cedent / Sponsor: Swiss Re
- Placement / structuring agent/s: ?
- Risk modelling / calculation agents etc: ?
- Risks / Perils covered: California earthquake risks
- Size: $150m
- Trigger type: Industry loss index
- Ratings: S&P: 'BB+'
- Date of issue: Dec 2004
Redwood Capital V Ltd. - Full details
Another tranche of cat bond cover for the California Earthquake Authority, via Swiss Re, providing an additional layer of $150m of earthquake cover.
Redwood V can be triggered when property losses (caused by earthquake) from California personal lines business exceed $11.5BN. It then pays out on a sliding scale until the loss reaches $14BN. The bonds have a maturity of two years
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