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Article: Tokio Marine issues Japanese quake bond: $90 million in coverage provided via deal. (Tokio Marine & Fire Insurance Co. Ltd.)
- Article from:
- Business Insurance
- Article date:
- December 1, 1997
- Author:
CopyrightCOPYRIGHT 1997 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TOKYO - Tokio Marine & Fire Insurance Co. Ltd., Japan's largest non-life insurer and the world's second largest, has developed the first securitization of Japanese earthquake risk.
The company has purchased a fully collateralized earthquake risk coverage of $90 million through a 10-year, $100 million catastrophe bond issue by Parametric Re Ltd., a Cayman Islands-based special-purpose reinsurer owned by a charitable trust.
Goldman Sachs & Co. in New York and Swiss Re Capital Markets Corp., a subsidiary of Swiss Reinsurance Co., led the underwriting of the transaction. Earthquake risk analysis was provided by San Francisco-based EQE International Inc.
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