The issuance of the first catastrophe bond through Hong Kong has helped to open up a new channel for risk diversification for the domestic catastrophe insurance market, according to the sponsor of the Greater Bay Re Ltd. (Series 2021-1), China Re Group.
Last week we reported that China Re had successfully secured the issuance of a $30 million catastrophe bond covering Chinese typhoon risks for its subsidiary China Re P&C, when the anticipated Greater Bay Re transaction was completed.
It’s a landmark cat bond transaction, being the first to be issued out of a new domicile, Hong Kong, while also being the first to cover a new peril from China, in typhoon risk.
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