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Tokio Marine & Nichido Fire Insurance Co. Ltd., the giant Japanese primary insurance group, has now secured the targeted $100 million Kizuna Re III Pte. Ltd. (Series 2024-5) of earthquake reinsurance through its latest catastrophe bond. The coverage is priced at the lowest of the initial guidance.
Although there was a push for further price reductions, it seems that the cat bond markets held back in this case and kept the prices within the initial guidance, even if they were at the bottom.
This is the sixth deal in the Kizuna Re cat bond series. As we reported, this is our ninth catastrophe bond listed in Deal Directory that benefits a part of Tokio Holdings.
Singapore will be the issuing country of Kizuna Re’s catastrophe bonds, which is the second time that Japanese insurer Kizuna Re has issued them from Singapore.
Tokio Marine, as an Asian sponsor, and with Asian Risk Coverage featured in this cat bond, should be eligible for the Singapore ILS Grant Scheme, making this issuance more efficient.
