Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Allianz closes third Blue Fin Ltd. catastrophe bond at $150m


Allianz, with the assistance of Swiss Re, has closed it’s third catastrophe bond issuance under it’s Cayman Islands SPV Blue Fin Ltd. The $150m was issued in two tranches to provide Allianz with three years of per-occurrence and aggregate cover against hurricanes in 31 U.S. states and certain earthquakes in the U.S.

The two tranches are designed to provide different cover to Allianz. The $90m of Class A notes, rated ‘B-‘ by S&P, are designed to provide Allianz with cover against U.S. hurricanes and earthquakes on a per-occurrence basis. The $60m of Class B notes, rated ‘BB’ by S&P, are designed to provide Allianz with cover on an aggregate basis. Both tranches use U.S. money market funds for collateral.

You can read the press release from Allianz on this issuance here. Swiss Re issued a press release on it’s part as co-structuring agent for the deal which you can read here.

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