vega capital ltd

Swiss Re’s Vega Capital Ltd. Series 2010-1 catastrophe bond transaction, which was issued on behalf of the sponsoring reinsurer in December 2010, has had its Class C notes ratings upgraded again by Moody’s on a further improved outlook thanks to a growing reserve account. This is despite the reserve account having faced a small loss […]

The Vega Capital Ltd. Series 2010-1 catastrophe bond transaction which was issued on behalf of sponsoring reinsurer Swiss Re in December 2010 has again been said to have an increasingly positive outlook by ratings agency Moody’s. Back in February Moody’s upgraded the single tranche of Class C notes issued by Vega Capital Ltd. as the […]

Swiss Re’s 2010 catastrophe bond deal Vega Capital Ltd. Series 2010-1 has had its rating upgraded by Moody’s after the deal got through its first year without any qualifying catastrophe events impacting it. This Vega Capital cat bond provides Swiss Re with cover against multi-peril losses that may result from the occurrence of up to […]

The Vega Capital Ltd. 2010-1 Class C notes were one of the last tranches of catastrophe bonds which were still considered at risk due to the 11th March earthquake in Japan. Ratings agency Moody’s had placed the $63.9m of cat bond notes issued by Vega Capital in December 2010 on review in March as they […]

Rating agency Moody’s has placed the Class C catastrophe bond notes of Vega Capital Ltd. 2010-1 on review for possible downgrade due to the earthquake event in Japan on the 11th March. The $63.9m of cat bond notes issued by Vega Capital in December 2010 provide Swiss Re with cover against qualifying earthquakes in Japan […]

Moody’s Investor Services has some updated commentary regarding the four catastrophe bonds that are exposed to Japanese earthquakes which they have ratings for. The commentary in their ABS, ABCP & Covered Bond Quick Check report published today, suggests that the four cat bonds they rate could escape with zero or minimal losses.

We now have further details for you about Swiss Re’s latest Vega Capital Ltd. catastrophe bond transaction (which we wrote about yesterday here). The $106.5m deal provides Swiss Re with cover for some of their North Atlantic hurricane, European windstorm, Californian earthquake, Japanese earthquake and Japanese typhoon risks.

Swiss Re has issued two new tranches of notes under its Vega Capital Ltd. catastrophe bond style Cayman Islands SPV. The new transaction replicates the 2008 Vega Capital deal and will provide Swiss Re with another $106.5m of cover against accumulated losses.