Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Lakeside Re Ltd.

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Lakeside Re Ltd. – At a glance:

  • Issuer: Lakeside Re Ltd.
  • Cedent / sponsor: Zurich American Insurance Corporation
  • Placement / structuring agent/s: Munich Re transferred the risk on behalf of Zurich. Aon Capital Markets assisted.
  • Risk modelling / calculation agents etc: RMS
  • Risks / perils covered: California earthquake
  • Size: $190m
  • Trigger type: Dual PCS industry loss and indemnity (UNL)
  • Ratings: S&P: 'BB+'
  • Date of issue: Dec 2006
  • news coverage: Articles discussing Lakeside Re Ltd. from
  • Other coverage: Link to external coverage

Lakeside Re Ltd. – Full details:

Munich Re has transferred earthquake risks in California to the capital markets for subsidiaries of the Zurich Financial Services Group (Zurich); in cooperation with Aon Capital Markets, it has provided coverage through a US$ 190m catastrophe bond placement.

The issuer of the bond is Lakeside Re Ltd., a special purpose reinsurance company domiciled in the Cayman Islands, to which Munich Re has transferred the risks from a reinsurance treaty with Zurich American Insurance Company and its affiliates.

In the event of an earthquake in California leading to large losses, the US$ 190m will be available either in total or proportionately to cover the reinsurance for Zurich.

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