Calabash Re III Ltd.

The Artemis Catastrophe Bond and Insurance-linked Securities Deal Directory aims to provide a one-stop resource for information on every cat bond and ILS transaction we hold information on. The content of this Deal Directory is provided as is and there will be some omissions. Help us to keep these cat bond and ILS transaction summaries up to date by contacting us if you see an error or omission that you can correct.

Share

Calabash Re III Ltd. – At a glance:

  • Issuer: Calabash Re III Ltd.
  • Cedent / sponsor: ACE American Insurance Co.
  • Placement / structuring agent/s: Swiss Re are marketing and arranging the deal
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: U.S. hurricane, U.S. earthquake
  • Size: $100m
  • Trigger type: Modelled loss
  • Ratings: S&P: Class A - 'BB-', Class B - 'BB+'
  • Date of issue: Jun 2009
  • Artemis.bm news coverage: Articles discussing Calabash Re III Ltd. from Artemis.bm

Calabash Re III Ltd. – Full details:

Swiss Re has issued another catastrophe bond on behalf of it’s subsidiary Swiss Reinsurance America Corp.

Calabash Re III Ltd., the third issuance under the Calabash Re SPV and cat bond program, is a $100m bond designed to cover Swiss Re America from risks ceded to them through the reinsurance cover they provide to P&C insurer Ace Limited. So the ultimate beneficiary of any loss to Calabash Re III is Ace.

The deal covers Swiss Re America for a portion of their book of reinsurance with Ace. The deal is split into two tranches; $86m of Class A notes to cover U.S. hurricane and earthquake risks and $14m of Class B notes which cover only U.S. earthquakes.

The earthquake only tranche is said to have been in high demand, demonstrating the appetite for diversity of risks.

Standard & Poor’s have given the tranches ratings of BB- and BB+ respectively.

Print Friendly, PDF & Email

« Go back to the Catastrophe Bond Deal Directory

Help us keep this valuable resource up to date. If you have information on a catastrophe bond or insurance-linked security deal we have not covered or can see something that we should change, please contact us to let us know.