Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Lakeside Re II Ltd.

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Lakeside Re II Ltd. – At a glance:

  • Issuer: Lakeside Re II Ltd.
  • Cedent / sponsor: Zurich American Insurance & Zurich Insurance Co. Ltd.
  • Placement / structuring agent/s: Aon Benfield Securities Inc., BNP Paribas, and Munich Re are joint underwriters
  • Risk modelling / calculation agents etc: RMS
  • Risks / perils covered: California earthquake
  • Size: $225m
  • Trigger type: Indemnity
  • Ratings: S&P: 'BB-'
  • Date of issue: Dec 2009
  • news coverage: Articles discussing Lakeside Re II Ltd. from

Lakeside Re II Ltd. – Full details:

Zurich has sponsored a $225m catastrophe bond to provide it with protection against earthquakes in California. The transaction was issued by Cayman Islands based SPV Lakeside Re II Ltd.

The deal runs for three years. Zurich’s Lakeside Re I Ltd. cat bond expires at the end of Dec 2009 so this deal seeks to replace it.

It provides cover on a per-occurrence basis to Zurich American Insurance Co. and Zurich Insurance Co. Ltd. for earthquake events in the state of California which trigger losses greater than $500m.

As with many other recent deals the collateral will be invested in highly rated Treasury money market funds.

The offering is said to have been oversubscribed although it didn’t get upsized from the originally marketed values.

The transaction can be extended for up to 24 months for losses after an event to develop.

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