Australian primary insurance group IAG has revealed that its Orchard ILS Pte Ltd catastrophe bond was triggered and then fully exhausted by claims suffered from the severe bushfire season in the country.
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The expansion of the catastrophe bond market in recent times encouraged Insurance Australia Group (IAG) to sponsor its first transaction, which, according to the firm’s Executive Manager of Reinsurance Operations, Nick Hartry, complements its existing reinsurance arrangements.
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The successful issuance of the AUD $75 million Orchard ILS Pte Ltd catastrophe bond, the first for sponsoring insurer Insurance Australia Group (IAG) and the first cat bond to be issued in Singapore, took only a few weeks, according to a lawyer who worked on the transaction.
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Insurance Australia Group (IAG) has sponsored its first catastrophe bond and the transaction is also the first cat bond to be issued in Singapore, using the countries’ Special Purpose Reinsurance Vehicle (SPRV) regulations.
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