Tokio Marine Holdings
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Proceeds from the bond will be used to fund IBRD projects. -
The carrier is seeking to raise $100mn of coverage.
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The cat bond now has a pricing spread of 250-275 bps.
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The bond provides three-year aggregate earthquake coverage in Japan.
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The storm is not expected to be a threat to the order of Jebi or Hagibis.
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The Lloyd’s business is drawing on TMHCC to advise on the future of its reinsurance book.
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The deal is the first typhoon cat bond for the insurer, which previously sourced earthquake cat bond coverage.
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Spreads dropped by a midpoint average of 9% on the deal.
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The insurer has a previous history of buying earthquake reinsurance cover from the ILS market.
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