EQECAT Supports CEA's Innovative Use of Capital Markets.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--March 20, 2001 Swiss Re Swiss Re is the world’s largest reinsurer, now that it has acquired GE Insurance Solutions (Ligi 2006). Founded in 1863, Swiss Re now operates in more than 30 countries. General Electric owns 8.9% of the firm. Capital Markets Corporation and Goldman, Sachs & Co. recently used a combination of 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. and investment capital to arrange $100 million that will be available to California Earthquake Authority Established in September 1996 by the California Legislature, the California Earthquake Authority is a privately funded, publicly managed organization that sells California earthquake insurance policies through participating insurance companies. policyholders in the event of one or more major earthquakes in the next 23 months. As part of the transaction, the California Earthquake Authority signed a $100 million reinsurance contract with Swiss Reinsurance Company. Swiss Re Capital Markets Corporation and Goldman, Sachs & Co. co-led a private offering and jointly placed $97 million of floating rate notes and $3 million of preference shares that will, in effect, replenish Swiss Re's capital should such an earthquake occur. EQECAT, Inc.'s team, led by Mahmoud Khater, Ph. D. and Dennis Kuzak, provided modeling and earthquake risk assessment support. EQECAT, a provider of catastrophe management consulting and modeling services, has supported over $1 billion in natural hazard securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. for both financial and corporate institutions. EQECAT (www.eqecat.com), a subsidiary of EQE EQE Equivalent Quantum Efficiency EQE Environmental Quality Evaluation International, the 4th largest Risk Management Consulting firm, is a member of the ABS Group of Companies. EQECAT has offices in Paris, the U.K., and the U.S. |
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