Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Compass Re Ltd. (Series 2012-1)

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Compass Re Ltd. (Series 2012-1) – At a glance:

  • Issuer: Compass Re Ltd. (Series 2012-1)
  • Cedent / sponsor: National Union Fire Insurance Co. of Pittsburgh
  • Placement / structuring agent/s: Aon Benfield Securities are sole structuring agent and book runner
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: U.S. hurricane, U.S. earthquake
  • Size: $400m
  • Trigger type: Industry loss index
  • Ratings: NR
  • Date of issue: Dec 2012
  • Date of maturity (dd/mm/yyyy): 08/01/2015
  • Coupon / pricing yield Class A: 14.25%
  • news coverage: Articles discussing Compass Re Ltd. (Series 2012-1) from

Compass Re Ltd. (Series 2012-1) – Full details:

This Series 2012-1 issuance from Compass Re Ltd. is again to benefit the ceding insurer National Union Fire Insurance Co. of Pittsburgh and certain affiliates, a subsidiary of American International Group (AIG) (was Chartis).

This is the second Compass Re transaction. This deal involves a single tranche of Series 2012-1 Class 1 notes being issued to provide a source of reinsurance cover for U.S. hurricane and U.S. earthquake risks.

This cat bond uses a PCS industry loss index based trigger we’re told by sources. The industry loss index trigger is based on state-weighted payout factors.

Cover is provided on a per-occurrence basis under the deals underlying reinsurance agreement.

The deals term is to run for just over two years with maturity of the notes scheduled for the 8th January 2015.

The $400m of Series 2012-1 Class 1 notes issued by Bermuda domiciled special purpose insurer Compass Re Ltd. have been admitted for listing on the Bermuda Stock Exchange.

Aon Benfield Securities were sole structuring agent and bookrunner for the transaction.

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