Calabash Re Ltd. – Full details:
Swiss Re structured a $100 million cat bond in May to cover reinsurance of US hurricane exposure it provided to Ace American Insurance.
Called Calabash Re, the deal gives Swiss Re a source of index-based coverage for hurricanes in the US on a per-occurrence basis for a three-year period.
If a hurricane passes through the covered area and triggers a loss to Ace’s notional portfolio in excess of a predetermined index value, the note-holders risk a loss of principal.
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