Tomoni Re Pte. Ltd. (Series 2024-1)

MS&AD Insurance Group Holdings is seeking approval for an early redemption of its most recently sponsored catastrophe bond, the $200 million Tomoni Re Pte Ltd. (Series 2024-1) issuance, as the reinsurance needs of its two main insurance entities that are the beneficiaries of the cat bond will change after their merger completes.

Japanese insurance giant MS&AD Insurance Group Holdings has hailed the innovative structuring behind its new $200 million Tomoni Re Pte Ltd. (Series 2024-1) catastrophe bond, highlighting that it is a first in the world to have a shared limit for wind on an occurrence coverage basis and earthquake on a three-year rolling aggregate coverage basis.

MS&AD Insurance Group Holdings has now secured the upsized $200 million in multi-year and multi-peril Japanese catastrophe reinsurance protection from its new Tomoni Re Pte Ltd. (Series 2024-1) catastrophe bond issuance, with the notes priced at the mid-points of the initial guidance, Artemis has learned.

MS&AD Insurance Group Holdings has lifted the target size for its latest catastrophe bond slightly, with now up to $200 million of multi-year and multi-peril Japanese catastrophe reinsurance protection sought for its two main Japanese insurance carriers, through this Tomoni Re Pte Ltd. (Series 2024-1) issuance.

MS&AD Insurance Group Holdings is back in the catastrophe bond market and seeking a $175 million or bigger multi-year source of multi-peril Japanese catastrophe reinsurance protection for its two main Japanese insurance carriers, through a Tomoni Re Pte Ltd. (Series 2024-1) issuance, Artemis has learned.