Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Queen Street Ltd.

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Queen Street Ltd. – At a glance:

  • Issuer: Queen Street Ltd.
  • Cedent / sponsor: Munich Re
  • Placement / structuring agent/s: Munich Re Capital Markets acted as placement agent
  • Risk modelling / calculation agents etc: EQECAT
  • Risks / perils covered: European windstorm
  • Size: $258m
  • Trigger type: Parametric index
  • Ratings: S&P: Class A - 'BB+', Class B - 'B'
  • Date of issue: Mar 2008
  • news coverage: Articles discussing Queen Street Ltd. from

Queen Street Ltd. – Full details:

Munich Re has issued a €170m (US$258m) catastrophe bond through a newly established catastrophe bond programme called Queen Street Ltd.

Following on from previous Munich Re transactions, peak windstorm risks are again being placed on the capital market, via a first tranche with a volume of €100m. Standard & Poor’s has given the tranche a B rating.

A second tranche with a volume of €70m securitises windstorm frequency losses (so-called aggregate XL) for the first time. The aggregate XL tranche was given a BB+ rating by Standard & Poor’s.

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