Toa Re Europe, the Switzerland-based European reinsurance arm of Japanese group Toa Reinsurance Company Ltd., has benefited from a full payout under its $25 million Silver Crane private catastrophe bond transaction, after the notes were triggered by industry losses from the Turkey earthquake event from early 2023, Artemis has learned.
Toa Re Europe sponsored the private cat bond at the start of 2022 as the company looked to build on and foster ties to the capital markets for its retrocessional reinsurance arrangements.
The $25 million of notes provided Toa Re Europe with a three-year fully-collateralised source of retrocessional reinsurance against losses from European windstorm and earthquake risks, as well as earthquakes around certain Mediterranean locations, backed by ILS market investors.
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