Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Green Fields Capital Ltd. French windstorm risk catastrophe bond closes


Another catastrophe bond transaction managed to close just before the end of 2010. The Green Fields Capital Ltd. catastrophe bond (our previous coverage here) which was issued by Swiss Re to give them extra cover for some of the reinsurance they provide to Groupama. This effectively helps to guarantee the reinsurance cover Groupama receive from Swiss Re while transferring it to the capital markets.

Green Fields Capital Ltd. is an Irish domiciled SPV. It has issued a single tranche of Series 2011-1 Class A notes to the tune of €75m and is designed to provide protection on a per-occurrence basis against French windstorm until December 2014. It covers French windstorms in mainland France and Corsica on a per-occurrence basis and utilises the PERILS industry loss index.

Standard & Poor’s announced on the 31st December  that they had given the single tranche of notes a rating of ‘BB+’.

More details on the Green Fields Capital Ltd. cat bond can be found in our Deal Directory.

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