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.