The catastrophe bond and insurance-linked security transactions issued during 2011

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2011 has been a very interesting year for the catastrophe bond and insurance-linked securities market. We’ve seen cat bond defaults as a number of deals became a total loss, uncertainty as issuance stalled after the new RMS risk model was released, continuing financial market turbulence and other disasters which threatened exposed cat bonds. Despite all of this the market has successfully seen a healthy level of issuance and we have recorded 28 new cat bond or ILS deals in our Deal Directory.

Here’s a list of all the cat bond and ILS deals we have recorded in our Deal Directory during 2011. A few of these are private deals which other sources may not count in their annual total volume of issuance. In total we have recorded (at today’s conversion rates) just over $4.95 billion dollars of ILS and cat bond issuance in our Deal Directory during 2011, a great total for the year given the slowdown and other market impacting events.

With interest in cat bonds and ILS still rising from investors & investment managers and both experienced & potential new sponsors we currently expect 2012 to at least match this figure and hopefully surpass it.

IssuerCedentRisks / Perils coveredSizeDate
Loma Reinsurance Ltd. (Series 2011-2)Argo ReNot confirmed – U.S. hurricane, U.S. earthquake, European windstorm, Japan earthquake$100mDec 2011
Vecta I Ltd.Aurigen ReinsuranceEmbedded value securitization of life insurance mortality and lapse riskC$120mDec 2011
Tramline Re Ltd. (Series 2011-1)Amlin AGU.S. hurricane, U.S. earthquake, European windstorm$150mDec 2011
Atlas VI Capital Ltd. (Series 2011-1)SCORU.S. hurricane, U.S. earthquake, European windstorm$337mDec 2011
Golden State Re Ltd. (Series 2011-1)California State Compensation Insurance FundWorkers compensation claims resulting from California earthquakes$200mDec 2011
Residential Reinsurance 2011 Ltd. (Series 2011-2)USAAU.S. hurricane, U.S. earthquake, U.S. severe thunderstorm, U.S. winter storm, U.S. wildfire$150mNov 2011
Compass Re Ltd. (Series 2011-1)National Union Fire Insurance Co. of PittsburghU.S. hurricane, U.S. earthquake$575mNov 2011
Successor X Ltd. (Series 2011-3)Swiss ReU.S. hurricane, European windstorm$130mNov 2011
Queen Street IV Capital Ltd.Munich ReU.S hurricane, European windstorm$100mOct 2011
Calypso Capital Ltd. (Series 2011-1)AXA Global P&CEuropean windstorm€180mOct 2011
Hoplon Insurance Ltd.MyLotto24Lottery winnings€70.5mSept 2011
Kizuna Re Ltd.Tokio MarineJapan typhoon$160mAug 2011
Pylon II Capital Ltd.EDF (via Natixis)European windstorm€150mAug 2011
Embarcadero Re Ltd. (Series 2011-1)California Earthquake AuthorityCalifornia earthquake$150mAug 2011
Vita Capital IV Ltd. (Series V and VI)Swiss ReExtreme mortality$180mJul 2011
Queen Street III Capital Ltd.Munich ReEuropean windstorm$150mJul 2011
Oak Leaf Re Ltd. (Series 2011-1)Unknown Florida based cedentU.S. hurricane$11.95mJul 2011
Sector Re V Ltd. (Series 1, Class B)Swiss ReU.S. hurricane, U.S. earthquake, Australia earthquake, Australia tropical cyclone, European windstorm, Japanese earthquake$70mJun 2011
Loma Reinsurance Ltd. (Series 2011-1)Argo ReU.S. hurricane, U.S. earthquake, European windstorm, Japan earthquake$100mJun 2011
Residential Reinsurance 2011 Ltd. (Series 2011-1)USAAU.S. hurricane, U.S. earthquake, U.S. severe thunderstorm, U.S. winter storm, U.S. wildfire$250mMay 2011
Johnston Re Ltd. (Series 2011-1)North Carolina JUA / IUANorth Carolina hurricane$202mMay 2011
Blue Fin Ltd. (Series 4)AllianzU.S. hurricane, U.S. earthquake$40mApr 2011
Vitality Re II Ltd.Aetna Life Insurance CompanyMedical benefit claims levels$150mApr 2011
Sector Re V Ltd. (Series 1, Class A)Swiss ReU.S. hurricane, U.S. earthquake, Australia earthquake, Australia tropical cyclone, European windstorm, Japanese earthquake,$95mMar 2011
Queen Street II Capital Ltd.Munich ReU.S. hurricane, European windstorm$100mMar 2011
East Lane Re IV Ltd. (Series 2011-1)Chubb GroupU.S. hurricane, U.S. earthquake, U.S. severe thunderstorm, U.S. winter storm$475mMar 2011
Successor X Ltd. (Series 2011-2)Swiss ReU.S. hurricane, U.S. earthquake$305mFeb 2011
Foundation Re III Ltd. (Series 2011-1)Hartford Fire Insurance Co.U.S. hurricane$135mFeb 2011

Remember, for full details of every catastrophe bond & ILS transaction since the market began just visit our Deal Directory.

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