Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Queen Street VII Re Ltd.

The Artemis Catastrophe Bond and Insurance-linked Securities Deal Directory aims to provide a one-stop resource for information on every cat bond and ILS transaction we hold information on. The content of this Deal Directory is provided as is and there will be some omissions. Help us to keep these cat bond and ILS transaction summaries up to date by contacting us if you see an error or omission that you can correct.


Queen Street VII Re Ltd. – At a glance:

  • Issuer: Queen Street VII Re Ltd.
  • Cedent / sponsor: Munich Re
  • Placement / structuring agent/s: Munich Re are sole arranger. Willis Capital Markets & Advisory sole bookrunner.
  • Risk modelling / calculation agents etc: AIR Worldwide. PCS and PERILS are providing loss data and index for triggers
  • Risks / perils covered: U.S. hurricane, European windstorm
  • Size: $75m
  • Trigger type: Industry loss index
  • Ratings: S&P: 'B'
  • Date of issue: Nov 2012
  • Date of maturity (dd/mm/yyyy): 08/04/2016
  • Coupon / pricing yield Class A: 8.60%
  • news coverage: Articles discussing Queen Street VII Re Ltd. from

Queen Street VII Re Ltd. – Full details:

This latest catastrophe bond from regular sponsor Munich Re is almost a copy of their recent Queen Street VI Re Ltd. transaction.

Queen Street VII Re Ltd. covers the same perils of U.S. hurricane and European windstorm, both on a per-occurrence basis and through this transaction Munich Re are seeking to increase and extend their cat bond sourced fully-collateralized retro reinsurance cover for these perils.

The transaction is structured in a single tranche of notes with a current size of $75m although that could likely increase with investor demand (as Queen Street VI did).

Queen Street VII Re Ltd. is a Bermuda registered special purpose insurer and will enter into a retrocession contract with Munich Re. The sale of the notes issued by Queen Street VII Re will collateralize that retrocession contract.

The transaction will cover U.S. hurricane risks across most exposed states on the east and gulf coasts, including Florida. European windstorm cover is for all the usual PERILS covered countries. Cover for both perils is on a per-occurrence basis.

Both perils will use an industry loss index trigger. For U.S. hurricanes a PCS line of business and county weighted index trigger will be used. For European windstorm a PERILS cresta zone weighted industry loss index trigger will be used.

The notes cover losses from a hurricane index value attachment point of 84,000 and a hurricane index value exhaustion point of 130,000, and losses between the European windstorm index value attachment point of 13,000 and the European windstorm index value exhaustion point of 17,500. Both index values are calculated on a per-occurrence basis.

Hurricane cover is for the following states: Alabama, Arkansas, Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Mississippi, Missouri, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, and West Virginia.

European windstorm cover is for the following European countries: Belgium, Denmark, mainland Metropolitan France and Corsica, Germany, Luxembourg, The Netherlands, Norway, the Republic of Ireland, Sweden, Switzerland, and the U.K.

The risk period for this transaction runs as follows. European windstorm exposure begins on 1st November and runs to 31st March 2016, so covering four European windstorm seasons. The U.S. hurricane cover begins on 1st April 2013 and runs till 31st March 2016, so covering three hurricane seasons.


Demand for this cat bond caused spreads to tighten resulting in a drop in pricing before close. The single $75m tranche of notes was originally marketed with a pricing guidance of 9.00% to 9.75% above the collateral money market fund return. When it finally priced it was at below the lower end of that range, at 8.60%.

Register today for ILS NYC 2023, our next insurance-linked securities (ILS) market conference. Held in New York City, February 10th, 2023.

Artemis ILS NYC 2023 - Insurance-linked securities conference in New York City

Get a ticket soon to ensure you can attend. Secure your place at the event here!

Print Friendly, PDF & Email

« Go back to the Catastrophe Bond Deal Directory

Help us keep this valuable resource up to date. If you have information on a catastrophe bond or insurance-linked security deal we have not covered or can see something that we should change, please contact us to let us know.