In recent years, some risk analysis methods were proposed so that the quantitative evaluations of risk have been available. On the other hand, the treatment of the quantified risk has not been considered sufficiently, though it is important for carrying out the effective risk management. In this paper, seismic portfolio analysis method considering the effect of risk transfer such as securitization was proposed and adopted to the portfolio of 73 buildings in Tokyo. Through the application, the following findings are obtained; grid has relatively large effect on the PML (probable maximum loss) though the forfeiture rate of principal does not, risk transfer will be more effective from the viewpoint of investment for risk with smaller grid and higher trigger level that is the minimum magnitude for forfeiture, and some combinations of grid and forfeiture rate can be identical to each other, regardless of principal.