Redwood Capital VI Ltd.
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Redwood Capital VI Ltd. - At a glance:
- Issuer / SPV: Redwood Capital VI 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 VI Ltd. - Full details
A sixth tranche of cat bond cover for the California Earthquake Authority, via reinsurer Swiss Re, providing an additional layer of $150m of collateralised earthquake cover.
Redwood VI is structured similarly to Redwood V but losses from all business lines (including commercial) are accounted for to calculate the trigger points.
The bonds have a maturity of two years.
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