Insurance Linked Securities

For many years we have used a wide range of financial market instruments such as Insurance Linked Securities and swaps to transfer risk to the capital markets. In view of the volatility of the available retrocession and reinsurance capacity and of the pricing cycle, we regard capital market solutions as viable options for covering insurance risks. In this business segment we arrange transactions on behalf of clients, actively invest in Insurance Linked Securities and sponsor our own securitizations.

The following table provides an overview of outstanding Insurance Linked Securities that Munich Re has arranged on behalf of clients/ issued for our own book.

Transaction Issuance Date Maturity Date Volume Perils covered
For clients Azzurro Re II DAC 07/2020 01/2024 EUR 100m Earthquake Italy
Vitality Re XI Limited 01/2020 01/2024 USD 200m US health risks
World Bank Catastrophe Bond for the Republic of the Philippines 11/2019 12/2022 Class A – USD 75m Earthquake
World Bank Catastrophe Bond for the Republic of the Philippines 11/2019 12/2022 Class B – USD 150m Tropical Cyclone
Atmos Re DAC 02/2019 02/2022 EUR 45m Atmospheric perils, flood, snow pressure
Vitality Re X Limited 01/2019 01/2023 USD 200m US health risks
Vitality Re IX Limited 01/2018 01/2022 USD 200m US health risks
Lion II Re DAC 06/2017 07/2021 EUR  200m Europe Windstorm, Italy Earthquake, Europe Flood
For Munich Re* Eden Re II Ltd. (Series 2021-1) 12/2020 03/2025 USD 235m "various perils"
Eden Re II Ltd. (Series 2020-1) 12/2019 03/2024 USD 285m "various perils"
Eden Re II Ltd. (Series 2019-1) 12/2018 03/2023 USD 300m "various perils"
Eden Re II Ltd. (Series 2018-1) 12/2017 03/2022 USD 300m "various perils"
* excluding private transactions