S&P rates East Lane notes BB

Standard & Poor's said it has assigned its BB rating to the series 2009-1 class A principal-at-risk notes to be issued by East Lane Re III Ltd.

According to the agency, Federal Insurance Co. (AA/stable) and other intercompany pool members (subsidiaries of Chubb Corp) write personal and commercial lines insurance, and Chubb will be reinsuring, on an indemnified basis, a portion of its residential personal lines Florida hurricane exposure to East Lane III, which will then transfer this risk to capital markets investors via a securitization.

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