Successor

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 - At a glance:

  • Issuer / SPV: Successor
  • Cedent / Sponsor: Swiss Re
  • Placement / structuring agent/s: Structured and underwritten by Swiss Re Capital Markets
  • Risk modelling / calculation agents etc: EQECAT
  • Risks / Perils covered: U.S. hurricane, U.S. earthquake, Japan earthquake, European windstorm
  • Size: $950m
  • Trigger type: Multiple trigger types (see details below)
  • Ratings: Multiple ratings
  • Date of issue: June 2006

Successor - Full details

The first bundle of cat bonds issues by Swiss Re as part of their Successor series of transactions.

Swiss Re has obtained $950 million worth of protection against North Atlantic Hurricanes, Europe Windstorms, Californian Earthquakes and Japan Earthquakes through a natural catastrophe protection program named “Successor”, a follow-up vehicle to its “PIONEER” and “Arbor” programs.

The program addresses North Atlantic Hurricane, European Windstorm,California Earthquake and Japanese Earthquake.

Four SPV’s were used, one for each type of risk: Successor Hurricane Industry Ltd (covering north atlantic hurricanes), Successor Hurricane Modeled Ltd (also north atlantic hurricanes), Successor European Wind Ltd (covering european windstorms), Successor Japan Quake Ltd (covering Japanese earthquakes) and Successor Cal Quake Ltd (covering Californian earthquakes). Also there are Successor I, II, III & IV which cover multiple peril tranches.

SPV and tranche details:

Successor Hurricane Industry Ltd:

Series 1 – Class B $14m U.S. hurricane, industry loss trigger. Class C $7,25m U.S. hurricane, industry loss trigger. Class D $34.25m U.S. hurricane, industry loss trigger. Class E $5m U.S. hurricane, industry loss trigger. Class F $54m U.S. hurricane, industry loss trigger.
Series 2 – Class D $10.25m U.S. hurricane, industry loss trigger. Class E $35m U.S. hurricane, industry loss trigger.

Successor Hurricane Modelled Ltd:

Series 1 – Class B $42.25m U.S. hurricane, modelled loss trigger.

Successor Japan Quake Ltd:

Series 1 – Class A $103.47m Japan quake, modelled loss trigger.Class B $26.25m Japan quake, modelled loss trigger.
Series 2 – Class C $3m + $70.75m Japan quake, modelled loss tigger.

Successor Euro Wind Ltd:

Series 1 – Class A $97.13m Euro wind, parametric index trigger. Class B $18.5m Euro wind, parametric index trigger. Class C $110.75m Euro wind, parametric index trigger.
Series 2 – Class A $3m Euro wind, parametric index trigger. Class C $3m Euro wind, parametric index trigger.

Successor CalQuake Parametric Ltd:

Series 1 – Class A $47.5m U.S. quake, parametric index trigger.

Successor II Ltd:

Series 1 – Class A $73.2m U.S. hurricane, U.S. earthquake, Japan earthquake, European windstorm, multiple trigger types. Class E $154.25m U.S. hurricane, U.S. earthquake, Japan earthquake, European windstorm, multiple trigger types.

Successor III Ltd:

Series 1 – Class A $7.2m U.S. hurricane, U.S. earthquake, Japan earthquake, European windstorm, multiple trigger types.

Successor IV Ltd:

Series 1 – Class A $30m U.S. hurricane, U.S. earthquake, Japan earthquake, European windstorm, multiple trigger types.




Go back to the Catastrophe Bond Deal Directory

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.














Jardine Lloyd Thompson Capital Markets