DCG IRIS Limited Event Report Hurricane Odile (9354R)
17 9월 2014 - 10:30PM
UK Regulatory
TIDMIRIS
RNS Number : 9354R
DCG IRIS Limited
17 September 2014
DCG IRIS LIMITED
Event Report: Hurricane Odile
The Company today received the following report from Credit
Suisse AG ('Credit Suisse'), the investment manager of CS IRIS Low
Volatility Plus Fund Limited (the 'Master Fund'), in which the
Company invests substantially all of its assets.
Opinions expressed in the report are those of Credit Suisse
AG.
"On the evening of 14 September 2014, Hurricane Odile made
landfall on Mexico's southern Baja California peninsula near the
resort town of Cabo San Lucas as a category 3 storm with maximum
wind speeds of 205 km/h. The storm weakened on its way north as it
crossed land but is still threatening with heavy rains and
flooding.
The Mexican Interior Ministry reported damages to roads,
vehicles, homes and businesses. The hurricane also damaged
electricity power plants and transmission lines leaving up to
240,000 users without electricity as a consequence. About 135
people received medical help, but no deaths were reported as a
result of the storm. We currently expect insured losses to be
limited given the extent of the damage from Hurricane Odile.
In the securitized ILS market, one cat bond tranche covers
Pacific hurricane risk on Mexico's west coast. The MultiCat Mexico
Limited Series 2012-1 Class C Notes have a step parametric trigger
based on the central pressure of the hurricane as measured by the
National Hurricane Center ("NHC"). Based on the estimated minimum
central pressure within the relevant region of 930mb, as measured
by NHC, investors could face a 50% principal loss. The IRIS Low
Volatility Plus Fund is not invested in this cat bond.
Based on the IRIS Low Volatility Plus Fund's exposure and the
current industry loss estimates, we do not expect an impact on the
performance of the fund from this event."
For further information please contact:
Dexion Capital (Guernsey) Limited
+44 (0) 1481 743940
Christopher Copperwaite
Dexion Capital plc
+44 (0) 20 7832 0900
Robert Peel
Media Enquiries:
Anthony Payne and Daniel Jason
Peregrine Communications
Tel (Direct): +44 20 3178 6869 / +44 20 3040 0872
This information is provided by RNS
The company news service from the London Stock Exchange
END
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