Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Globecat Ltd.

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Globecat Ltd. – At a glance:

  • Issuer: Globecat Ltd.
  • Cedent / sponsor: Swiss Re
  • Placement / structuring agent/s: Swiss Re acted as sole book runner.
  • Risk modelling / calculation agents etc: EQECAT
  • Risks / perils covered: U.S. hurricane, U.S. earthquake, Latin America earthquake
  • Size: $85m
  • Trigger type: Modelled loss and Industry loss index
  • Ratings: ?
  • Date of issue: Dec 2007

Globecat Ltd. – Full details:

The bond is the first ever linked to Central American earthquakes. As part of an ongoing program, Swiss Re’s Capital Markets structured and placed the securitisation and acted as the sole book runner for the initial USD 85 million offering.

The first two tranches of the issuance cover losses due to catastrophic hurricanes and earthquakes in the United States. The third tranche covers the non-peak perils of Guatemala and EL Salvador earthquakes.

The trigger is the first of its kind in that the index is based on the population exposed to certain levels of ground-shaking intensity as measured by the Modified Mercalli Intensity scale.

The goal of the GlobeCat Ltd securitisation is to create a platform and a model by which charitable foundations, governmental relief organizations and corporations can leverage donations or governmental/international funding to the benefit of developing nations affected by natural disasters.

Such a program will help these organizations in becoming more pro-active in planning and anticipating relief needs in areas of the world affected by severe catastrophes. In case of a triggering event, the funds will be quickly available for relief efforts rather than being raised after the event.

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