The first catastrophe bond to be issued out of Hong Kong positions the emerging insurance-linked securities (ILS) domicile as a gateway to global institutional capital for China’s risk transfer and reinsurance needs, according to Aon Securities, who also highlighted that local investors participated in the transaction.
Aon Securities, the capital markets structuring and broker dealer entity of the global insurance and reinsurance broking group, worked on the recently completed $30 million Greater Bay Re Ltd. (Series 2021-1) catastrophe bond transaction.
The cat bond, the first of its kind to be domiciled in and issued out of Hong Kong, provides sponsoring Chinese non-life reinsurer China Property & Casualty Reinsurance Company Ltd. with $30 million of per-occurrence catastrophe reinsurance protection against losses from typhoons.
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