Kizuna Re II Ltd. (Series 2018-1)

A fortnight ago we reported that Japanese insurance group Tokio Marine was set to redeem a $150 million tranche of its Kizuna Re II Ltd. (Series 2018-1) Japan earthquake focused catastrophe bond, as the notes had not faced any loss events in the three years since their issue.

Sources have told us that Japanese insurance group Tokio Marine has opted to redeem a $150 million tranche of its Kizuna Re II Ltd. (Series 2018-1) Japan earthquake focused catastrophe bond, as the notes have not faced any loss events in the three years since their issue.

The latest catastrophe bond from Japanese primary insurance group Tokio Marine & Nichido Fire Insurance Co. Ltd. has seen its pricing drop while being marketed, as the $200 million Kizuna Re II Ltd. (Series 2018-1) Japan earthquake transaction looks set to complete with one tranche at the mid-point and another at the bottom of guidance.

Japanese primary insurance group Tokio Marine & Nichido Fire Insurance Co. Ltd. has returned to the catastrophe bond market for its latest issuance, a $200 million Kizuna Re II Ltd. (Series 2018-1) transaction that aims to secure a source of capital markets backed Japanese earthquake reinsurance protection for the sponsor.