The New Zealand Earthquake Commission, or Toka Tū Ake EQC, has now priced its debut catastrophe bond issuance, with the Totara Re Pte. Ltd. (Series 2023-1) deal set to provide the insurer a NZ $225 million source of collateralized and multi-year reinsurance protection.
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The New Zealand Earthquake Commission, or Toka Tū Ake EQC, remains on-track to secure its debut slice of catastrophe bond backed reinsurance protection from the capital markets, with the Totara Re Pte. Ltd. (Series 2023-1) issuance looking set to price at the upper-end of initial guidance, we understand.
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New Zealand’s Toka Tū Ake EQC, also known as the Earthquake Commission, has entered the catastrophe bond market for the first time, seeking NZ $250 million (around US $156m) of multi-peril reinsurance from the capital markets with a Totara Re Pte. Ltd. (Series 2023-1) issuance.
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