Trinity Re 1999 Ltd.
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Trinity Re 1999 Ltd. - At a glance:
- Issuer / SPV: Trinity Re 1999 Ltd.
- Cedent / Sponsor: Centre Solutions (Bermuda)
- Placement / structuring agent/s: Goldman Sachs, Chase, Donaldson Lufkin & Jenrette, Zurich Capital Markets.
- Risk modelling / calculation agents etc: ?
- Risks / Perils covered: Florida hurricanes
- Size: $56.6m
- Trigger type: Indemnity
- Ratings: Moodys: Class A-1 - 'Aaa', Class A-2 - 'Ba3'
- Date of issue: Dec 1998
Trinity Re 1999 Ltd. - Full details
This cat bond provides the cedent with retrocessional capacity for Florida hurricane risks.
$5 million of Class A-1 Floating Rate Defeasance Notes, and $51.6 million of Class A-2 Floating Rate Notes. Triggered when losses from a reinsurance contract with a Florida residential insurer reach a pre-determined level.
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