Swiss Re Insurance-Linked Fund Management

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Lodestone Re Ltd. (Series 2010-1)

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Lodestone Re Ltd. (Series 2010-1) – At a glance:

  • Issuer: Lodestone Re Ltd. (Series 2010-1)
  • Cedent / sponsor: Chartis
  • Placement / structuring agent/s: AON Benfield Securities and BNP Paribas are joint bookrunners. AON Benfield Securities structured the deal
  • Risk modelling / calculation agents etc: RMS
  • Risks / perils covered: U.S. hurricane, U.S. earthquake
  • Size: $425m
  • Trigger type: Industry loss index
  • Ratings: S&P: Class A - 'BB+', Class B - 'BB'
  • Date of issue: May 2010
  • news coverage: Articles discussing Lodestone Re Ltd. (Series 2010-1) from

Lodestone Re Ltd. (Series 2010-1) – Full details:

Chartis’ first catastrophe bond issuance. The transaction was issued by Chartis for their National Union Fire Insurance subsidiary in the U.S.

Lodestone Re Ltd. is a Bermuda based SPV set up for the specific purpose of issuing $250m worth of insurance-linked securities to provide Chartis’ subsidiary with a source of reinsurance against both U.S. windstorms and earthquakes.

On completion the deal grew to $425m in size demonstrating the potential for appetite in the ILS investment market for U.S. wind risks right before the hurricane season begins.

This bond uses a trigger with state specific payment factors on a per-occurrence basis.

The deal has been structured into two tranches ($175m Class A and $250m Class B).

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