Archive for June, 2010

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Munich Re to issue $100m Shore Re Ltd. cat bond on behalf of Massachusetts wind pool

Munich Re has established a new Caymans Island SPV called Shore Re Ltd. which will be used to issue a $100m catastrophe bond on behalf of a Massachusetts state wind insurance pool. The Massachusetts Property Insurance Underwriting Association (MPIUA) has been reinsured by Munich Re America for a portion of read the full article →

Could cat bonds be used to hedge against oil spill liabilities?

Oil spill liabilities are a hot topic right now due to the environmental catastrophe that is the Deepwater Horizon oil rig. Having spewed millions of gallons of oil into the Gulf of Mexico and now cost BP over $2.5B to attempt to stop and clean up, oil spills of this read the full article →

Avalon Re Ltd. defaults; S&P downgrades notes

Avalon Re Ltd., the stricken catastrophe bond which has secured as much news time (read our previous coverage here) as any other deal, has finally reached it's maturity date on the 7th June.As expected, the deal has now officially defaulted (according to Standard & Poor's criteria for default) and had read the full article →

WRMA Elects New Officers, Board Members for 2010-2011

Washington, DC, May 27, 2010 -- Members of the Weather Risk Management Association (WRMA) elected Members of the Board and a roster of association Officers at its 12th Annual Meeting in Miami, Florida held earlier this month.Elected for two-year terms to the Board of Directors were Richard Betts of E.ON read the full article →

WRMA’s 12th Annual Meeting Showcases the Weather Market’s Broad Reach

"Broadening Our Reach" was the theme of WRMA's 12th Annual Meeting, held on May 10-12, 2010 in Miami, Florida. The meeting showcased how wide the market's reach has become with a packed audience of over 75 people hailing from North America, Europe, India and Australia.Thinking broadly was one of the read the full article →

Residential Re 2010 Ltd. closes at $400m

USAA has closed it's latest catastrophe bond issuance Residential Reinsurance 2010 Ltd. at a final size of $400m. More details on the transaction are available in our Deal Directory.The deal resulted in four tranches being created (we originally reported on three here). Classes 1 to 3 are all to be read the full article →

Allianz closes third Blue Fin Ltd. catastrophe bond at $150m

Allianz, with the assistance of Swiss Re, has closed it's third catastrophe bond issuance under it's Cayman Islands SPV Blue Fin Ltd. The $150m was issued in two tranches to provide Allianz with three years of per-occurrence and aggregate cover against hurricanes in 31 U.S. states and certain earthquakes in read the full article →

Nationwide Mutual closes Caelus Re II cat bond at $185m

Nationwide Mutual has successfully closed it's second catastrophe bond deal under it's Cayman Islands SPV Caelus Re. Caelus Re II Ltd. is designed to provide Nationwide with three years of indemnity cover on a per-occurrence basis against hurricanes and earthquakes within the U.S.Initial reports on this catastrophe bond suggested it read the full article →