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"|