Swiss Re Insurance-Linked Fund Management

Xactanalysis Insights and PCS

Asagao – White Rock Insurance (SAC) Ltd.

The Artemis Catastrophe Bond and Insurance-linked Securities Deal Directory aims to provide a one-stop resource for information on every cat bond and ILS transaction we hold information on. The content of this Deal Directory is provided as is and there will be some omissions. Help us to keep these cat bond and ILS transaction summaries up to date by contacting us if you see an error or omission that you can correct.


Asagao – 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: $70m
  • Trigger type: Parametric
  • Ratings: NR
  • Date of issue: Sep 2019

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

Aon Insurance Managers owned Bermuda domiciled Class 3 and Class C insurer and segregated accounts company White Rock Insurance (SAC) Ltd. has facilitated and issued a new private insurance-linked securities (ILS) deal (or private catastrophe bond) for an unknown Japanese catastrophe risk exposed ceding company.

White Rock Insurance (SAC) Ltd. has issued ¥ 7.5 billion (JPY) Principal At-Risk notes, acting on behalf of its segregated account named Asagao. The issuance was made under the vehicles established White Rock Insurance (SAC) Ltd. ILS Note Program.

We understand the transaction features a securitization of Japanese earthquake insurance risks, with the underlying reinsurance or retrocession transaction structured to utilise a parametric trigger.

The notes were admitted for listing as insurance related securities on the Bermuda Stock Exchange (BSX) on September 6th 2019, at which time they had a value of close to US $70 million.

The $70 million of Asagao Principal At-Risk Notes are due for maturity on July 23rd 2021, suggesting they could be a two-year transactions completed during this summer (it can take a few weeks for cat bonds to list in certain cases, especially when privately arranged and placed).

The notes were placed with qualified institutional investors, in this case we understand likely to have been an insurance-linked securities (ILS) fund or funds.

We understand the notes provide reinsurance or retrocessional coverage for Japanese earthquake losses.

The coverage is on a parametric trigger basis and we understand the focus of the coverage is likely on the Tokyo region, as you’d typically expect with Japanese earthquake exposed cat bond or ILS deals.

Being a privately structured, issued and placed catastrophe bond or insurance-linked securities (ILS) deal, details are typically scarce with this issuance.

Register today for ILS NYC 2023, our next insurance-linked securities (ILS) market conference. Held in New York City, February 10th, 2023.

Artemis London 2022 - Insurance-linked securities conference in London

Get a ticket soon to ensure you can attend. Secure your place at the event here!

Print Friendly, PDF & Email

« Go back to the Catastrophe Bond Deal Directory

Help us keep this valuable resource up to date. If you have information on a catastrophe bond or insurance-linked security deal we have not covered or can see something that we should change, please contact us to let us know.