Kizuna Re Ltd.

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Kizuna Re Ltd. – At a glance:

  • Issuer: Kizuna Re Ltd.
  • Cedent / sponsor: Tokio Marine
  • Placement / structuring agent/s: Aon Benfield acted as sole bookrunner for this transaction
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: Japan typhoon
  • Size: $160m
  • Trigger type: Indemnity
  • Ratings: NR
  • Date of issue: Aug 2011
  • news coverage: Articles discussing Kizuna Re Ltd. from

Kizuna Re Ltd. – Full details:

The Kizuna Re Ltd. privately placed, not 144A compliant, catastrophe bond transaction provides Tokio Marine with $160m of Japan typhoon risk cover over a three year period.

Kizuna Re is designed to replace some of the cover that Tokio Marine had through their lapsed Fhu-Jin cat bond transaction.

The SPV Kizuna Re Ltd. was established in Bermuda for the purpose of issuing the catastrophe bond notes. The deal was placed with a small number of investors, including Clariden Leu, and was privately placed.

Aon Benfield have acted as sole bookrunner for the transaction.

Kizuna Re is a three year cat bond deal and is due to mature on the 8th September 2014. The floating rate notes pay a quarterly coupon of U.S. Libor + 5.2%.

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