Foundation Re III Ltd. Series 2011-1 rated by S&P


Hartford Fire Insurance Co’s recently closed catastrophe bond issued by their Cayman based SPV Foundation re III Ltd. has received its rating from Standard & Poor’s. The $135m of catastrophe bond notes provide Hartford and certain subsidiaries with four years of cover against U.S. hurricanes on a per-occurrence basis.

The notes feature an annual reset, prior to which they can be triggered by a hurricane in the covered area that generates an event index value in excess of $1.42 billion and will have an exhaustion point of $1.62 billion.

This is the Hartford’s second cat bond transaction under Foundation Re III. This deal was originally marketed at $100m but upsized to secure $135m of cover.

Standard & Poor’s have rated the notes ‘BB+’.

Further details on this transaction are available in our catastrophe bond Deal Directory.

coronavirus-cat-bond-chinaRead all of our Covid-19 coronavirus pandemic related news, analysis and information of relevance to the insurance-linked securities (ILS), catastrophe bond and reinsurance capital markets.

Read Covid-19 coronavirus related news & analysis here.

Print Friendly, PDF & Email

Artemis Newsletters and Email Alerts

Receive a regular weekly email newsletter update containing all the top news stories, deals and event information

  • This field is for validation purposes and should be left unchanged.

Receive alert notifications by email for every article from Artemis as it gets published.

Read previous post:
Shanghai plans insurance exchange, to include securitization of risks

The city of Shanghai in China has been slowly establishing itself as an international financial center and wants to reach...