Great Wall Re catastrophe bond issued in Hong Kong for PICC P&C

Hong Kong now has its third catastrophe bond, after Chinese domestic insurer PICC Property and Casualty Company Limited sponsored a $32.5 million Great Wall Re Limited deal, to provide it with earthquake reinsurance in China.

We reported earlier this week that the third catastrophe bond transaction to be issued out of Hong Kong was in the pipeline.

Now, late in the year, this issuance has come to light, adding $32.5 million to the annual tally for the catastrophe bond market and a welcome diversification opportunity for cat bond funds and investors.

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