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Consumer ABS

Swiss Re Issues $150mln Insurance Linked Securitization

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Swiss Re Capital Markets  completed a $150 million of insurance linked securities issued by Blue Fin Ltd.  The structure covers U.S. hurricane and earthquake risk.

Blue Fin is a Cayman Islands exempted company and the transaction is sponsored by Allianz Argos 14 GmbH, a wholly owned subsidiary of Allianz SE.

Swiss Re Capital Markets acted as co-structuring agent and joint bookrunner of Blue Fin Ltd. to place this three year securitization. This is the third issuance using the Blue Fin shelf program.

The securities were issued in two tranches, $90 million of Series 3 Class A notes and $60 million of Series 3 Class B notes. The notes, which have been scheduled to be redeemed in May 2013, have received a rating of “B-“ and “BB,” respectively, by Standard & Poor’s.

AIR Worldwide Corp. performed the expert risk modeling analysis. The three year notes, which will use Treasury money market funds for its collateral, are based on a modeled loss trigger mechanism.  

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