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Kizuna Re Ltd. catastrophe bond covers Japan typhoon risks


Our earlier article on the recently completed Kizuna Re Ltd. private catastrophe bond transaction contained an inaccuracy. We said the deal covered Japanese earthquake risks, but it transpires that the deal actually covered $160m worth of Japanese typhoon and windstorm risks.

It has also been reported by Trading Risk that the sponsor of the Kizuna Re transaction was Tokio Marine and that the cat bond goes some way to replacing their 2006 Fhu-Jin Japanese typhoon cat bond. Fhu-Jin had been due to renew earlier this year we believe, but in the wake of the earthquake in Japan Tokio Marine delayed the issuance and have now opted for a private cat bond transaction as we reported earlier.

Trading Risk also confirm that out earlier thoughts that Aon Benfield Securities had participated in this transaction were seemingly correct.

Again, if we get any further information on this deal we will update you.

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