Successor X Ltd. (Series 2011-1)
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.
Successor X Ltd. (Series 2011-1) - At a glance:
- Issuer / SPV: Successor X Ltd. (Series 2011-1)
- Cedent / Sponsor: Swiss Re
- Placement / structuring agent/s: Swiss Re Capital Markets are arranging the deal
- Risk modelling / calculation agents etc: EQECAT
- Risks / Perils covered: U.S. hurricane, U.S. earthquake, Australia earthquake
- Size: $170m
- Trigger type: Multiple trigger types
- Ratings: S&P: 'B-'
- Date of issue: Dec 2010
- Artemis.bm news coverage: Articles discussing Successor X Ltd. (Series 2011-1) from Artemis.bm
Successor X Ltd. (Series 2011-1) - Full details
This new Successor X Ltd. issuance is designed to provide Swiss Re with cover on a per-occurrence basis for certain of their North Atlantic U.S. hurricane, California earthquake and Australia earthquake risks until December 2013. We believe this is only the second time Australian earthquake risks have been covered in an insurance-linked security transaction.
$65m Class R notes which were rated B- by Standard & Poor’s.
$50m Class S notes which were rated B-.
$55m Class T notes which were not rated.
The notes will be exposed to U.S. hurricanes in certain U.S. states (in the Gulf, mid-Atlantic, northeast, south east and Florida) and Puerto Rico along with the California and Australia earthquake risk.
This deal will use highly rated International Bank for Reconstruction and Development and U.S. Treasury Money Market Fund notes as investment collateral.
EQECAT are providing the risk modelling services for this cat bond transaction. They will calculate index values post-event for each of the perils. For U.S. hurricane they will use actual wind track data from the U.S. NOAA to create the index. For U.S. earthquake data of location, shock and fire-following from the USGS will be used, and for Australian earthquake data based on magnitude, depth and location from Geoscience Australia will be used.
The Artemis Catastrophe Bond & Insurance-Linked Securities Deal Directory is copyright © Steve Evans Ltd. Reproduction or publication without permission is not permitted. Use of this information within a commercial product, or for profit, without a license is strictly prohibited. Contact us if you would like to use this content or to discuss licensing.