Akibare Re Ltd. (Series 2016-1)

Mitsui Sumitomo Insurance has raised its estimate of losses from Japanese typhoons that struck in 2018, which has driven the qualifying aggregate loss amount under the terms of its $200 million catastrophe bond Akibare Re Ltd. (Series 2016-1) over the exhaustion point.

Increasing industry and cedant loss expectations for typhoon Jebi have resulted in another over 50% decline in secondary pricing for the Mitsui Sumitomo Insurance sponsored $200 million catastrophe bond Akibare Re Ltd. (Series 2016-1).

Mitsui Sumitomo Insurance Co. Ltd’s $200 million catastrophe bond Akibare Re Ltd. (Series 2016-1) has been priced down as cat bond investors suspect it faces a potential loss of some principal, as the sponsoring insurers claims from typhoons including Jebi keep rising.

Japanese insurance group Mitsui Sumitomo Insurance Co. Ltd., a subsidiary of MS&AD Insurance Group Holdings, has hailed the completion of the first annual aggregate Japan typhoon-only catastrophe bond, its recently sponsored Akibare Re Ltd. (Series 2016-1) deal.

The latest catastrophe bond from sponsoring Japanese insurance group Mitsui Sumitomo has grown in size to $200 million, while pricing on the Akibare Re Ltd. (Series 2016-1) issuance has dropped to the low-end of guidance.

Japanese insurance group Mitsui Sumitomo Insurance Co. Ltd., a subsidiary of MS&AD Insurance Group Holdings, is returning to the catastrophe bond market with Akibare Re Ltd. (Series 2016-1) issuance, seeking $175m of Japan typhoon reinsurance protection.