Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Queen Street IV Capital Ltd. catastrophe bond completes upsized at $100m


Munich Re’s latest catastrophe bond issuance Queen Street IV Capital Ltd. has closed successfully, providing them with an additional layer of reinsurance protection for certain of their U.S. hurricane and European windstorm risks. The fourth Queen Street cat bond from Munich Re started life as a $75m deal but at close today, according to sources, had risen to provide $100m of cover.

The deal runs for nearly 3.5 years, until April 2015, providing Munich Re with cover across three full Atlantic hurricane seasons and three full European windstorm seasons. The Atlantic hurricane cover runs from April 2012 to March 2015, while European windstorm cover runs from November 2011 to end of March 2015. It’s a sensible strategy from Munich Re to stagger the cover provided for U.S. hurricanes and to lock in protection at the rates currently available in cat bonds for three full seasons of both perils.

Standard & Poor’s affirmed the rating for the $100m of notes issued by Queen Street IV Capital at ‘BB-‘.

Much more information on this transaction can be found in our Deal Directory and previous article.

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