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Kizuna Re 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.


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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