Swiss Re Insurance-Linked Fund Management

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Namazu Re Ltd.

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Namazu Re Ltd. – At a glance:

  • Issuer: Namazu Re Ltd.
  • Cedent / sponsor: Gerling Global Re
  • Placement / structuring agent/s: Goldman Sachs, Aon Capital Markets
  • Risk modelling / calculation agents etc: EQECAT
  • Risks / perils covered: Japan earthquake
  • Size: $100m
  • Trigger type: Modelled loss
  • Ratings: S&P: 'BB'
  • Date of issue: Nov 1999

Namazu Re Ltd. – Full details:

$100m of catastrophe bonds to protect Gerling Global Re from high-level losses from earthquakes in Japan. Sources indicate the offering, known as Namazu, was structured in a single tranche putting the whole investors’ principal at risk.

Losses occur when modelled losses exceed a yen-denominated attachment point. Payout is not dependent on actual losses to Gerling, but is tied parametrically to a notional portfolio of treaty and facultative business representing Gerlings exposure in the covered territory.

The $100m of five year floating rate notes have been rated ‘BB’ by Duff & Phelps Credit Rating Co.

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