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€40m Windmill I Re Ltd. private cat bond sponsored by Achmea Reinsurance Company N.V.


Artemis understands that Dutch group reinsurer Achmea Reinsurance Company, part of the Dutch Achmea Group, has sponsored its first catastrophe bond, in a privately transacted Dutch windstorm deal, through Bermuda SPI Windmill I Re Ltd.

A new insurance-linked securities (ILS) issuer Windmill I Re Ltd., listed an ILS note program and a €40m tranche of notes, on the Bermuda Stock Exchange late yesterday which we understand to be the first catastrophe bond issuance from Dutch insurer Achmea.

Achmea is a large Dutch insurance group, owning a number of brands across property, casualty, life, health and pensions. The firm also owns Achmea Reinsurance Company NV, a  group reinsurer which predominantly retro cedes risk from the Achmea group to the reinsurance market as well as offering some reinsurance to selected third parties.

Windmill I Re Ltd. is a Bermuda domiciled special purpose insurer. The listing of the variable rate note program and the €40m tranche of Series 2013-1 notes on the BSX occurred late yesterday, with both being listed under Section V as Insurance Linked Securities.

The notes cover €40m of Dutch windstorm risk and are structured on an indemnity trigger basis. That makes the Windmill 1 Re cat bond the first indemnity European windstorm catastrophe bond on record, yet another milestone for the ILS market in 2013.

The ceding party was Achmea Reinsurance Company NV who ceded risk from the Achmea group Dutch non- life companies property portfolios to Windmill I Re where the risk was transformed and issued as securities.

Aon Benfield Securities structured the cat bond transaction and placed the deal. The Windmill I Re cat bond was a private offering, likely to a small group of investors, although Aon Benfield Securities will have arranged the sale of the notes.

For a first time sponsor like Achmea, offering Windmill I Re as a private transaction provided it with a low-friction way to test the waters of the catastrophe bond and ILS market.

No further information on the transaction is available at this time; we will update you should more details become available.

Windmill I Re Ltd. (Series 2013-1) has now been added to our Deal Directory.

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