Redwood Capital V Ltd.

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Redwood Capital V Ltd. – At a glance:

  • Issuer: Redwood Capital V Ltd.
  • Cedent / sponsor: Swiss Re
  • Placement / structuring agent/s: ?
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: California earthquake risks
  • Size: $150m
  • Trigger type: Industry loss index
  • Ratings: S&P: 'BB+'
  • Date of issue: Dec 2004

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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