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Great Wall Re Limited

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Great Wall Re Limited – At a glance:

  • Issuer: Great Wall Re Limited
  • Cedent / sponsor: PICC Property and Casualty Company Limited
  • Placement / structuring agent/s: Unknown
  • Risk modelling / calculation agents etc: Unknown
  • Risks / perils covered: China earthquake
  • Size: $32.5m
  • Trigger type: Indemnity
  • Ratings: NR
  • Date of issue: Dec 2022

Great Wall Re Limited – Full details:

This is the debut catastrophe bond from Chinese insurer PICC Property and Casualty Company Limited (PICC P&C).

It is the third catastrophe bond issuance to be domiciled in and issued out of the Hong Kong market.

PICC P&C has set up Great Wall Re Limited as a special purpose insurer (SPI) domiciled and registered in Hong Kong.

Great Wall Re Limited has issued a single tranche of notes totalling $32.5 million and these notes have been sold to insurance-linked securities (ILS) investors, with the proceeds used to collateralize a reinsurance agreement between the SPI and PICC P&C.

The Great Wall Re cat bond will provide PICC P&C with $32.5 million of fully collateralized reinsurance protection against losses from earthquakes in China.

The earthquake reinsurance protection will run across a three-year term for the insurer.

We are told that the Great Wall Re cat bond utilises an indemnity trigger and provides its protection to PICC P&C on a per-occurrence basis.

The issuance of this cat bond qualified for Hong Kong’s Pilot ILS Grant Scheme, which offers to support up to HK $12 million towards the issuance cost of a transaction.

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