Swiss Re Insurance-Linked Fund Management

Xactanalysis Insights and PCS

Aiolos Ltd.

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Aiolos Ltd. – At a glance:

  • Issuer: Aiolos Ltd.
  • Cedent / sponsor: Munich Re
  • Placement / structuring agent/s: BNP Paribas were lead manager
  • Risk modelling / calculation agents etc: RMS
  • Risks / perils covered: European windstorm
  • Size: $128.7m
  • Trigger type: Parametric index
  • Ratings: S&P: 'BB+'
  • Date of issue: Nov 2005

Aiolos Ltd. – Full details:

Munich Re announced that it privately placed 110 million Euro ($129 million) of risk-linked securities to provide protection against severe Western European windstorms.

BNP Paribas acted as lead manager on the deal and Risk Management Solutions modeled the underlying risk. Munich American Capital Markets, the capital markets unit of Munich Re, worked with BNP Paribas in structuring and managing the transaction.

The bonds have a coupon of 475 basis points over three-month EURIBOR.

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