Catastrophe bonds exposed to the Japan earthquake

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Update: Further information on these cat bond transactions can be found here.

There are a number of outstanding catastrophe bond transactions (totalling around $1.5 billion) which look like they are exposed to Friday’s earthquake in Japan as far as we can tell from our Deal Directory information. Whether any of these will be triggered is hard to tell and won’t be known until more details on the loss levels emerge. Here’s a list of the deals we believe are outstanding which have exposure in the area.

Issuer$CedentDate of issue
Montana Re Ltd. (Series 2010-1)$210mFlagstone ReDec 2010
Vega Capital Ltd. (Series 2010-1)$106.5mSwiss ReDec 2010
Atlas Capital VI Ltd. (Series 2010-I)€75mSCORDec 2010
Successor X Ltd. (Series 2010-1)$120mSwiss ReMar 2010
Atlas Capital VI Ltd.  (Series 2009-1)€75mSCORDec 2009
Topiary Capital Ltd.$200mPlatinum UnderwritersAug 2008
Vega Capital Ltd. (2008)$150mSwiss ReJun 2008
Valais Re$104mFlagstone ReMay 2008
Muteki Ltd.$300mZenkyoren through Munich ReMay 2008
Midori Ltd.$260mEast Japan Rail Company through Munich ReMay 2007

Update: Further information on these cat bond transactions can be found here.

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