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.
View all of our Artemis Live video interviews and subscribe to our podcast.
All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online.
Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.