Business
Completion of Cat Bond
Completion of Cat Bond.
About this update from Aston Martin Lagonda Global Holdings Plc
[{"type":"text","content":"\n \n \n Completion of Cat Bond\n \n \n\n \n Amlin Plc\n \n \n\n \n \n \n Amlin transfers U.S. and Canadian earthquake risk to the capital \n markets\n \n \n Amlin announces that it has acquired coverage for U.S and Canadian \n earthquake perils of up to USD 75m from a Bermudian special purpose \n insurer, Tramline Re II Limited, which in turn is placing a catastrophe \n bond for this amount into the capital markets.\n \n \n This transaction provides the Amlin Group with fully collateralised \n protection over a 4 year period from 1 July 2013 against claims arising \n from a single earthquake event in all US and Canadian states and \n provinces. The coverage attaches at USD 325m.\n \n \n This cover is in addition to the protection that Amlin purchases through \n the traditional reinsurance marketplace and provides significant risk \n transfer for a key exposure of the Group. The cover provided by the bond \n is based on market share factors applied to market industry losses as \n reported by PCS.\n \n \n As part of the transaction Amlin AG has entered into reinsurance \n agreement with Tramline Re II Limited which will issue to investors USD \n 75m of four year principal-at-risk variable rate notes. The proceeds of \n these notes will comprise the collateral for Tramline Re II Limited’s \n obligations to Amlin AG pursuant to the reinsurance agreement. Amlin’s \n Lloyd’s Syndicate 2001 will also benefit from the cover provided by the \n bond through a reinsurance arrangement with Amlin AG.\n \n \n The transaction has been structured and arranged by Aon Benfield with \n risk modelling developed by AIR Worldwide.\n \n \n Charles Philipps, chief executive of Amlin plc, said: “The additional \n protection provided by this bond will complement the cover provided by \n our traditional reinsurance programme and Amlin’s existing three year \n catastrophe bond which incepted on 1 January 2012. We continue to see \n attractive opportunities emerging from the evolution of the market for \n catastrophe risk transfer, which Amlin is well placed to exploit.â€\n \n \n ENDS\n \n \n \n \n Enquiries:\n \n \n  \n \n \n \n \n \n \n Charles Philipps, CEO, Amlin plc\n\n \n Richard Hextall, Finance & Operations Director, Amlin plc\n \n \n Julianne Jessup, Head of Investor Relations, Amlin plc\n \n \n Ed Berry, Senior Director, FTI ...