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.
Trinom Ltd. - At a glance:
- Issuer / SPV: Trinom Ltd.
- Cedent / Sponsor: Zurich Insurance Company
- Placement / structuring agent/s: Morgan Stanley & Aon Capital Markets.
- Risk modelling / calculation agents etc: AIR Worldwide
- Risks / Perils covered: U.S. hurricane, U.S. earthquake, European windstorm
- Size: $161.9m
- Trigger type: Modelled loss
- Ratings: S&P: Class A-1 - 'BB', Class A-2 - 'BB+'
- Date of issue: Jun 2001
Trinom Ltd. - Full details
This transaction provides Zurich Re with fully collateralized protection against low-frequency, high-severity hurricane and earthquake exposures in the United States, as well as European windstorm.
The securities, which have an initial maturity of three years, were issued by Trinom Ltd., a Bermuda-based special purpose company. Zurich Insurance Company is the counter party to Trinom.
The issue was structured in a synthetic manner, coverage is based on modeled losses on a notional portfolio of Zurich Re. The notional portfolio was structured by Zurich Re so as to match a specific book of its European windstorm, California earthquake and US East Coast hurricane exposure.
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