Redwood Capital V Ltd. – Full details:
Another tranche of cat bond cover for the California Earthquake Authority, via Swiss Re, providing an additional layer of $150m of earthquake cover.
Redwood V can be triggered when property losses (caused by earthquake) from California personal lines business exceed $11.5BN. It then pays out on a sliding scale until the loss reaches $14BN. The bonds have a maturity of two years
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