Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

MultiCat Mexico 2009 Ltd.

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MultiCat Mexico 2009 Ltd. – At a glance:

  • Issuer: MultiCat Mexico 2009 Ltd.
  • Cedent / sponsor: FONDEN (Fund for Natural Disasters)
  • Placement / structuring agent/s: wiss Re are acting as counterparty to the deal. Swiss Re Capital Markets and Goldman Sachs are co-lead managers.
  • Risk modelling / calculation agents etc: AIR Worldwide
  • Risks / perils covered: Mexico hurricane, Mexico earthquake
  • Size: $290m
  • Trigger type: Parametric
  • Ratings: S&P: Class A - 'B', Class B - 'B', Class C - 'B', Class D - 'BB-'
  • Date of issue: Oct 2009
  • news coverage: Articles discussing MultiCat Mexico 2009 Ltd. from

MultiCat Mexico 2009 Ltd. – Full details:

FONDEN, the Mexican Fund for Natural Disasters is sponsoring a multi-year catastrophe bond transaction called Multicat Mexico 2009 Ltd. which is valued at $290m (upsized from an initially quoted $250m).

FONDEN enters into an insurance contract with Mexican state-owned insurer Agroasamex S.A. Swiss Re will act as counterparty to the deal and will reinsure Agroasamex in this deal. So protection is strictly provided to Agroasamex in order to help it pay any claims made by FONDEN.

FONDEN will receive multi-year protection against certain earthquakes and both Pacific and Atlantic hurricane events through Multicat Mexico 2009.

The transaction utilises a parametric loss trigger, based on parameters reported by the USGS and NHC.

The risk period will be from October 2009 to October 2012 with a possible extension of two three-month periods.

The four tranches of notes have received ratings from S&P, tranches A,B and C are all rated ‘B’ while tranche D is ‘BB-’.

Class A notes provide the earthquake risk cover and losses will be calculated by AIR from qualifying quakes within three zones. Classes B, C and D provide hurricane cover against qualifying events within two Pacific and one Atlantic zones near Mexico.

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