Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Catastrophe bonds exposed to the Japan earthquake


Update: Further information on these cat bond transactions can be found here.

There are a number of outstanding catastrophe bond transactions (totalling around $1.5 billion) which look like they are exposed to Friday’s earthquake in Japan as far as we can tell from our Deal Directory information. Whether any of these will be triggered is hard to tell and won’t be known until more details on the loss levels emerge. Here’s a list of the deals we believe are outstanding which have exposure in the area.

Issuer $ Cedent Date of issue
Montana Re Ltd. (Series 2010-1) $210m Flagstone Re Dec 2010
Vega Capital Ltd. (Series 2010-1) $106.5m Swiss Re Dec 2010
Atlas Capital VI Ltd. (Series 2010-I) €75m SCOR Dec 2010
Successor X Ltd. (Series 2010-1) $120m Swiss Re Mar 2010
Atlas Capital VI Ltd.  (Series 2009-1) €75m SCOR Dec 2009
Topiary Capital Ltd. $200m Platinum Underwriters Aug 2008
Vega Capital Ltd. (2008) $150m Swiss Re Jun 2008
Valais Re $104m Flagstone Re May 2008
Muteki Ltd. $300m Zenkyoren through Munich Re May 2008
Midori Ltd. $260m East Japan Rail Company through Munich Re May 2007

Update: Further information on these cat bond transactions can be found here.

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