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Asagao II – White Rock Insurance (SAC) Ltd.

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Asagao II – White Rock Insurance (SAC) Ltd. – At a glance:

  • Issuer: White Rock Insurance (SAC) Ltd.
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: ?
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: Japan earthquake
  • Size: $18.3m
  • Trigger type: Parametric
  • Ratings: NR
  • Date of issue: Mar 2020

Asagao II – White Rock Insurance (SAC) Ltd. – Full details:

This is the second Asagao private catastrophe bond to be issued through insurance and reinsurance broker Aon’s Bermuda domiciled Class 3 and Class C insurer and segregated accounts company White Rock Insurance (SAC) Ltd.

Managed and facilitated by Aon Insurance Managers, the White Rock Insurance (SAC) Ltd. company offers a transformation and securitisation platform for privately placed catastrophe bonds and collateralised reinsurance arrangements.

The first Asagao private cat bond came to market in September 2019, featuring a roughly $70 million securitisation of Japanese earthquake risks on a parametric trigger basis.

This new Asagao II private cat bond transaction completed recently and features an approximately $18.3 million (JPY 2 billion) securitisation of what we assume again to be Japanese earthquake risks on a parametric basis, likely for the same unknown Japanese sponsor.

This looks like it may be an extension of the reinsurance coverage provided under the first Asagao transaction.

Aon Insurance Managers will again have played the role of the managing company for this Asagao II private cat bond issuance, facilitating by using its vehicle to issue a new private insurance-linked securities (ILS) deal (or private catastrophe bond) for an unknown Japanese catastrophe risk exposed cedent.

White Rock Insurance (SAC) Ltd. has issued ¥ 2 billion (JPY) of Principal At-Risk notes (roughly US $18.3m), acting on behalf of its segregated account named T71-Asagao II (which we’ve shortened to just Asagao II for our Deal Directory).

This transaction was issued under the established White Rock Insurance (SAC) Ltd. ILS Note Program, which enables the issuance of privately issued and placed cat bonds or other ILS arrangements.

The $18.3 million of Asagao II Principal At-Risk Notes are scheduled for maturity on May 5th 2021, slightly before the scheduled maturity date of the first Asagao deal which is on July 23rd 2021.

The Asagao II notes have been placed with qualified institutional investors, likely to have been an insurance-linked securities (ILS) fund or a number of ILS funds if the transaction was syndicated.

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