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Original Risk: A Society for Change Agents

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.

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