Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Amlin’s Tramline Re cat bond doubles in size to $150m


We understand from a number of contacts that Amlin’s first catastrophe bond transaction, Tramline Re Ltd., has doubled in size by the time it priced to secure them $150m of cover. The Tramline Re cat bond, Amlin’s first through a newly established shelf program, launched two weeks ago and was marketed to provide subsidiary Amlin AG with $75m of cover for U.S. hurricane, U.S. earthquakes and European windstorm risks.

As a first foray into the cat bond market Tramline Re has been highly successful for Amlin. Well received by investors, it doubled in size before close to secure $150m of fully collateralized multi-year industry loss based cover on an annual aggregate basis. The transaction runs for three years with maturity expected at the end of December 2014.

It will be interesting to see whether Amlin PLC seek to repeat the transaction for other subsidiaries of theirs next year. The Tramline Re shelf program will allow them to issue further cat bonds for any of their subsidiaries in future.

Sources say the $150m of Tramline Re Ltd. Series 2011-1 notes priced at the lower end of expectations at 1675 basis points above money market funds.

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