Kizuna Re Ltd. – Full details:
The Kizuna Re Ltd. privately placed, not 144A compliant, catastrophe bond transaction provides Tokio Marine with $160m of Japan typhoon risk cover over a three year period.
Kizuna Re is designed to replace some of the cover that Tokio Marine had through their lapsed Fhu-Jin cat bond transaction.
The SPV Kizuna Re Ltd. was established in Bermuda for the purpose of issuing the catastrophe bond notes. The deal was placed with a small number of investors, including Clariden Leu, and was privately placed.
Aon Benfield have acted as sole bookrunner for the transaction.
Kizuna Re is a three year cat bond deal and is due to mature on the 8th September 2014. The floating rate notes pay a quarterly coupon of U.S. Libor + 5.2%.
View all of our Artemis Live video interviews and subscribe to our podcast.
All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online.
Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.
