Sector Re V Ltd. (Series 1, Class A) – Full details:
Sector Re V Ltd. is a Bermuda domiciled special purpose insurer set up by Swiss Re for issuance of private placement, unrated, zero-coupon catastrophe bonds.
It’s believed that Swiss Re are the ultimate beneficiary of the cover provided, although it is possible that the deal benefits a specific insurance client of theirs.
This single tranche of $95m Series 1 Class A notes issued by Sector Re V provides cover for a number of natural perils.
The natural perils covered in this transaction are: European windstorm, California earthquake, Japanese earthquake, Australia earthquake and tropical cycone and U.S. hurricanes.
The offering circular mentions maturity as being due on the 1st March 2016, making this a five year cat bond if that is the case.
No further information on the structure of this deal, triggers or modelling are available.