Another $250m of catastrophe bond notes which were issued by Chubb in 2007 have matured and been delisted from the Cayman Islands Stock Exchange. The first cat bond in Chubb’s East Lane series of deals, East Lane Re Ltd., provided them with cover against U.S. hurricanes in some northeastern states.
The transaction was split into two tranches, $135m of Series A notes and $115m of Series B and provided Chubb with cover on an annual aggregate indemnity basis. We believe this was Chubb’s first catastrophe bond issuance and over the years they have returned to the market regularly, most recently with the $475m East Lane Re IV Ltd. which replaces some of the cover that has matured from this deal and East Lane Re II Ltd. which matured in April.
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