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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