Willow Re Ltd.
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Willow Re Ltd. - At a glance:
- Issuer / SPV:Willow Re Ltd.
- Cedent / Sponsor:Allstate
- Placement / structuring agent/s: ?
- Risk modelling / calculation agents etc: AIR Worldwide
- Risks / Perils covered: U.S. hurricane
- Size: $250m
- Trigger type: Industry loss index
- Ratings: S&P: 'BB+'
- Date of issue: Jun 2007
Willow Re Ltd. - Full details
Under the reinsurance agreement, the issuer will provide Allstate with up to $250 million of aggregate protection over a three-year period beginning June 15, 2007, when the event index value caused by a U.S. hurricane event occurring in the Northeast territory (defined as Connecticut, New Jersey and New York) exceeds a specific attachment point.
Calculation of the event index value amount is formula-driven, which takes into consideration specific state payout factors; the industry loss amount applicable to the covered event as published by the Property Claim Services (PCS), a provider of catastrophe information for the property/casualty insurance industry; and a pre-determined automobile loss gross-up factor.
In exchange for receiving the multi-year reinsurance coverage, Allstate will make periodic premium payments to the issuer.
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