daniel Brookman looks at the current state
of the insurance-linked securities market.
TABLE 1: CATASTROpHE BOND ISSUANCE SINCE JANUARY 1, 2009
ISSUE SCHEDULED RISk SIZE S&p
SpONSOR ISSUER CLASS COUpON COVERED pERILS
DATE MATURITY pERIOD $M RATING
SCOR Atlas Re V Ltd. 1 Feb-09 Feb-12 3.0yrs 50 L+1,450 B+ US hurricane & US earthquake
Atlas Re V Ltd. 2 Feb-09 Feb-12 3.0yrs 100 L+1,150 B+ US hurricane & US earthquake
Atlas Re V Ltd. 3 Feb-09 Feb-12 3.0yrs 50 L+1,250 B US hurricane & US earthquake
Chubb Group East Lane Re III Ltd. A Mar-09 Mar-12 3.0yrs 150 L+1,025 BB Florida hurricane
Liberty Mutual Mystic Re II Ltd. 2009-1 Mar-09 Mar-12 3.0yrs 225 L+1,200 BB US hurricane & US earthquake
Allianz Argos Blue Fin Ltd. A Apr-09 Apr-12 3.0yrs 180 L+1,350 BB- US hurricane & US earthquake
US Hurricane & California
Swiss Re Successor II Ltd. IV-F Apr-09 Apr-10 1.0yrs 60 Zero coupon n/r
Earthquake
Assurant Ibis Re Ltd. A May-09 May-12 3.0yrs 75 L+1,025 BB US hurricane
Ibis Re Ltd. B May-09 May-12 3.0yrs 75 L+1,425 BB- US hurricane
USAA Residential Re 2009 Ltd. 1 May-09 Jun-12 3.0yrs 70 MM+1,300 BB- US hurricane & US earthquake
Residential Re 2009 Ltd. 2 May-09 Jun-12 3.0yrs 60 MM+1,700 B- US hurricane & US earthquake
Residential Re 2009 Ltd. 4 May-09 Jun-12 3.0yrs 120 MM+1,250 BB- US multi-peril
Munich Re Ianus Capital Ltd. A Jun-09 Jun-12 3.0yrs 68 E+900 n/r European wind, Turkish earthquake
ACE Ltd Calabash Re III Ltd. A Jun-09 Jun-12 3.0yrs 86 L+1,525 BB- US hurricane & US earthquake
Calabash Re III Ltd. B Jun-09 Jun-12 3.0yrs 14 L+550 BB US earthquake
Hannover Re Eurus II Ltd. 2009-1 A Jul-09 Apr-12 2.7yrs 213 E+675 BB European wind
North Carolina
parkton Re Ltd 2009-1 Jul-09 May-11 1.8yrs 200 Zero Coupon B+ North Carolina hurricane
JUA
Total ($m) 1,796
Source: barclays Capital, bloomberg, August 24, 2009
September 2009 | INTELLIGENT INSURER | 57
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