East Lane Re Ltd. – Full details:
Under the reinsurance agreements, the issuer will provide the ceding insurer with up to $250 million of aggregate indemnity protection over a four year period beginning May 1, 2007, when losses covering residential property caused by individual northeast hurricanes meet or exceed a pre-established attachment point.
In exchange for receiving the multi-year reinsurance coverage, the ceding insurer will make periodic premium payments to the issuer.
The reinsurance attachment point, exhaustion point, layer and insurance percentage (collectively, the reset output) will be re-calculated on November 1 of 2007, 2008 and 2009, using updated portfolio data as of September 1 of 2007, 2008 and 2009.
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