Swiss Re successfully places EUR 200 million in a French windstorm securitisation for the benefit of Groupama S.A
07 January 2008, Zurich
Swiss Re has successfully structured and placed EUR 200 million of securities covering windstorm events in France.
As part of a three-year reinsurance agreement between Swiss Reinsurance Company and Groupama S.A., Swiss Re Capital Markets has structured and placed the securitisation and acted as the sole bookrunner for the initial EUR 200 million offering. The French windstorm issuance is part of a programme of up to EUR 800 million, which provides a flexible, fully collateralised, multi-peril and multi-year platform enabling Swiss Re to support Groupama's risk management strategy and to satisfy future cover needs.
The initial offering of notes by Green Valley Ltd. closed on 27 December 2007. This euro-denominated cat bond is the largest ever to be placed in 144a form for French windstorm peril. In case of a windstorm in France, the programme would pay a claim triggered by a parametric index based on wind speeds at various locations and calculated by the risk modelling company Risk Management Solutions (RMS).
Details of the notes placed in the initial offering are:
Size in mio.
10 January 2011
Euribor +360 b.p. p.a.
This is not an offer to sell or the solicitation of an offer to buy any securities. The securities sold by Green Valley Ltd. have not been registered under the US Securities Act of 1933, the Investment Company Act of 1940 or any state or foreign securities laws and, accordingly, may be offered, sold or resold only in transactions exempt from registration to qualified buyers that are residents of, purchasing in, and holding the securities in permitted US jurisdictions or permitted non-US jurisdictions.
Notes to editors
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