Great Wall Re Limited (2026)

We’ve learned that Hong Kong based special purpose insurer (SPI) Great Wall Re Limited has issued a new tranche of floating rate notes, its second issuance of catastrophe bond securities.

Information is limited, but it is presumed that the cedent or sponsor will be PICC Property and Casualty Company Limited (PICC P&C), given that Chinese domestic market insurer was the sponsor of the first Great Wall Re catastrophe bond in late 2022.

The new tranche of Great Wall Re Limited catastrophe bond notes, presumably a Series 2026 issuance, priced on September 30th, according to securities information seen by Artemis, which may mean the offering has yet to settle as it can take up to one week from pricing at times.

The securities information states that maturity of this new tranche of Great Wall Re cat bond notes is due September 30th 2027, so presumably provide roughly one year of reinsurance to the presumed sponsor PICC P&C.

It’s possible these cat bond notes have been issued privately placed, issued as zero-coupon, or discount notes, although it’s hard to be sure given the limited information available to us at this time.

Given the very minimal information we’ve seen, we have to stress that we cannot confirm anything additional, only to say a tranche of notes from Hong Kong domiciled Great Wall Re Limited has been detailed on the data service, with the aforementioned pricing and maturity dates.

However, it does seem safe to assume that the covered peril or perils will likely be certain natural catastrophe risks in China, given the sponsor is expected to be PICC P&C. In addition, there’s a strong chance it will be an indemnity triggered cat bond, like the first Great Wall Re transaction, although that is not possible to corroborate at this time.