Swiss Re Insurance-Linked Fund Management

Xactanalysis Insights and PCS

Mangrove Re Ltd.

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Mangrove Re Ltd. – At a glance:

  • Issuer: Mangrove Re Ltd.
  • Cedent / sponsor: HomeWise Insurance Co.
  • Placement / structuring agent/s: Managed by Swiss Re
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: U.S. hurricane
  • Size: $210m
  • Trigger type: Indemnity
  • Ratings: ?
  • Date of issue: May 2008

Mangrove Re Ltd. – Full details:

This is HomeWise Insurance Companies first catastrophe bond deal (structured as a principal at-risk variable rate note program).

It’s a one year deal covering Florida windstorms and designed to protect it’s direct property insurance portfolio in that region.

The deal has been structured in two tranches of notes, $150m class A and $60m class B, both tranches are due 5th June 2009.

The data used for catastrophe modelling this deal has been through the IMARCTM Data Review process and received an IMARCTM Data Score of 675 (Excellent).

Mangrove Re Ltd. has been admitted to the Cayman Islands stock exchange.

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