Kizuna Re Ltd.
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Kizuna Re Ltd. - At a glance:
- Issuer / SPV: Kizuna Re Ltd.
- Cedent / Sponsor: Tokio Marine
- Placement / structuring agent/s: Aon Benfield acted as sole bookrunner for this transaction
- Risk modelling / calculation agents etc: ?
- Risks / Perils covered: Japan typhoon
- Size: $160m
- Trigger type: Indemnity
- Ratings: NR
- Date of issue: Aug 2011
- Artemis.bm news coverage: Articles discussing Kizuna Re Ltd. from Artemis.bm
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%.
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