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Gerling Places $100 Million in Quake Notes.

Gerling Global Re, with Aon Corp. and Goldman, Sachs & Co., has placed $100 million of catastrophe reinsurance notes to cover risks from potential earthquake losses in Japan.

The notes, which reinsure Gerling Global, are based on a "notional portfolio" that allows Gerling Global to update its exposure semiannually, the company said. The notes give the company more reinsurance capacity and stabilize its reinsurance costs for five years, the company said.

The notes were issued by Namazu Re Ltd., a Cayman Islands-based reinsurer developed for the transaction. They were underwritten by Aon Capital Markets, while Goldman Sachs acted as co-lead-manager. Lehman Brothers was also a selling group member

Eqecat Inc. provided risk modeling using a proprietary earthquake model.
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Comment:Gerling Places $100 Million in Quake Notes.
Publication:Best's Review
Article Type:Brief Article
Geographic Code:1USA
Date:Jan 1, 2000
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