Swiss Re Insurance-Linked Fund Management

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Munich Re launches $63m Eden Re Ltd. collateralized sidecar


The world’s largest reinsurer Munich Re has launched a fully-collateralized reinsurance sidecar, Artemis has learned. The sidecar, named Eden Re Ltd., is $63m in capacity and provides Munich Re with collateralized capacity to support its property catastrophe business.

Eden Re Ltd., a Bermuda domiciled special purpose insurer vehicle, was launched on the 3rd of January and listed a single $63m Series 2014-1 tranche of Segregated Account Participating Notes on the Bermuda Stock Exchange.

The $63m of notes listed under the Eden Re reinsurance sidecar have a maturity date of 21st April 2017. Artemis understands that the sidecar has an annual risk period, running from 1st January to 31st December 2014, so giving Munich Re an additional one-year source of fully-collateralized reinsurance capacity, with the ability to renew for future years if it chooses.

As with the recently launched Atlas Reinsurance X sidecar from SCOR the listing of the notes is likely to provide a greater level of transferability to the participating third-party investors who are backing Eden Re. Not all reinsurance sidecars result in a listing of notes, but when they do it is likely to enable investors to sell their positions more easily should they choose to.

Artemis understands that Willis Capital Markets & Advisory assisted with the Eden Re sidecar, acting as initial purchaser for Munich Re in the transaction. Munich Re itself provided the structuring services, acting as the arranger for the Eden Re sidecar transaction.

Other recent sidecar launches:

Aspen launches Silverton Re, collateralized quota share sidecar.

SCOR launches $55.5m Atlas Reinsurance X sidecar.

Argo renews Harambee Re collateralized reinsurance sidecar for 2014.

ACE launches Altair Re II, $95m collateralized reinsurance sidecar.

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