Omamori

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Omamori - At a glance:

  • Issuer / SPV: Omamori
  • Cedent / Sponsor: Tokio Millennium Re AG
  • Placement / structuring agent/s: Tokio Solution Management and GC Securities as placement agent.
  • Risk modelling / calculation agents etc: RMS is calculatin agent
  • Risks / Perils covered: Second event U.S. earthquakes and named storms
  • Size: $25m
  • Trigger type: Industry loss index
  • Ratings: NR
  • Date of issue: Jan 2014
  • Artemis.bm news coverage: Articles discussing Omamori from Artemis.bm

Omamori - Full details

Omamori is Tokio Millennium Re AG’s first catastrophe bond. It has been issued as a private cat bond transaction, using the Tokio Tensai platform and facilitated by Tokio Solution Management Ltd.

The actual issuer is Shima Reinsurance Ltd., the reinsurance transformer vehicle of the Tokio Solutions operated cat bond issuance platform, on behalf of the segregated account Omamori. Omamori are Japanese amulets, believed to provide good luck and protection to their keepers.

The Omamori deal uses an industry loss index featuring PCS reported loss estimates disaggregated using RMS’ Paradex model, with payout factors applied by county.

The cover provided by the cat bond is second event and on an annual aggregate basis.

The Omamori private cat bond provides Tokio Millennium Re AG with a source of fully-collateralized second event retrocessional reinsurance protection against U.S. earthquakes and named storms.

GC Securities acted as placing agent for the Omamori private cat bond transaction, helping the Omamori transaction to gain the support of a panel of investors.

Assisting Tokio Solution and GC Securities with this issuance are Mayer Brown as Deal Counsel, Bank of New York Mellon as Trustee and Settlement Agent, and CD&P as Bermuda Counsel.

The $25m Omamori catastrophe bond notes will be listed on the Bermuda Stock Exchange, which likely reflects the fact that these private cat bond notes have secondary liquidity and can be traded.




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