EQECAT, Inc. Provides Risk Analysis for AGF Catastrophe Bond.Business Editors/High-Tech Writers OAKLAND, Calif.--(BUSINESS WIRE)--Nov. 29, 2000 EQECAT, Inc., a subsidiary of ABS.EQE EQE Equivalent Quantum Efficiency EQE Environmental Quality Evaluation , provided the risk analysis to support AGF AGF Assurances Générales de France AGF Army Ground Forces AGF American Growth Fund (mutual fund) AGF American General Finance AGF Arbeitsgemeinschaft der Grossforschungseinrichtungen AGF Anatomic Gift Foundation AGF Assume Good Faith Group's $129 million reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. securitization through a bond issued by Mediterranean Re, the first time a bond has been issued for windstorms in France and earthquakes in Europe. Mediterranean Re provides five-year reinsurance protection against damages from major windstorms in France and earthquakes in the region of Monaco. Two traunches of bonds were issued with $41 million in Class A notes and $88 million in Class B notes. The bonds are scheduled to mature Nov. 18, 2005. Windstorm wind·storm n. A storm with high winds or violent gusts but little or no rain. windstorm A storm with high winds or violent gusts but little or no rain. losses will be based on the peak windspeed measurements of a network of 70 wind speed recording stations in France operated by Meteo France. Earthquake losses will be based on the magnitude of the earthquake and the distance of the epicenter from Monaco as reported by the European Mediterranean Seismological seis·mol·o·gy n. The geophysical science of earthquakes and the mechanical properties of the earth. seis Center. EQECAT's loss model is based on two fixed-risk portfolios designed to replicate AGF I.A.R.T.'s actual insurance exposures in France and Monaco. James J. Johnson, chairman of EQECAT, Inc., stated, "Our teams in Paris, the UK, and the US did a great job in working together to meet AGF's requirements for this securitization. I am very pleased at their commitment to our client." EQECAT, Inc. (www.eqecat.com) a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of EQE International, provides catastrophe management software and consulting to the insurance, financial communities and governments around the world. EQE is a member of the ABS Group of Companies. For additional information, please contact Dennis Kuzak or Mike Vallejos in the U.S. (510/817-3100) or John Moore in London (+44 (0) 207 377 4553) |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion