Chinese domestic insurer PICC Property and Casualty Company Limited has sponsored a $32.5 million Great Wall Re Limited deal to provide it with earthquake reinsurance in the third catastrophe bond issuance to be domiciled in and issued out of the Hong Kong market.
PICC P&C set up Great Wall Re as a special purpose insurer (SPI) domiciled and registered in Hong Kong.
Great Wall Re has issued a single tranche of notes totalling $32.5 million and these notes have been sold to insurance-linked securities (ILS) investors, with the proceeds used to collateralise a reinsurance agreement between the SPI and PICC P&C.
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