Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Redwood Capital XI 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.


Redwood Capital XI Ltd. – At a glance:

  • Issuer: Redwood Capital XI Ltd.
  • Cedent / sponsor: Swiss Re
  • Placement / structuring agent/s: ?
  • Risk modelling / calculation agents etc: EQECAT
  • Risks / perils covered: California earthquake
  • Size: $150m
  • Trigger type: Industry loss index
  • Ratings: ?
  • Date of issue: Dec 2009
  • news coverage: Articles discussing Redwood Capital XI Ltd. from

Redwood Capital XI Ltd. – Full details:

Redwood Capital XI Ltd., a Caymans Islands based SPV, is issuing a $150m deal designed to enable Swiss Re to transfer a portion of their California earthquake risks (possibly assumed from their participation in the California Earthquake Authorities reinsurance program) to the capital markets for a period of one year (the duration of 2010 with the risk period beginning on January 1st).

Any losses to holders of the resulting notes are tied to industry losses as reported by PCSEQECAT Inc. provided risk analysis for the deal. The trigger level is set at $6.5b.

Collateral will be invested in U.S. Treasury money market funds which have to be of a certain rating and level of security.

Loss development will be allowed from any event which meets the trigger in extension periods of three months up to twenty four months.

Artemis Live - ILS and reinsurance video interviews and podcastView all of our Artemis Live video interviews and subscribe to our podcast.

All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online.

Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.

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.