We’ve learned a few more details about the new Silk Road Re Limited catastrophe bond transaction that is set to be issued out of Hong Kong, with the notes set to provide sponsor Taiping Reinsurance Company (Taiping Re) with a US $35 million source of three years of retrocessional protection.
Yesterday, we reported that Taiping Re was set to sponsor its first catastrophe bond and that it will become the fourth cat bond to be issued using a Hong Kong domiciles special purpose insurance vehicle.
We’d suggested it would be close to US $32 million in size, needing to clear a hurdle of that amount to be able to benefit from Hong Kong’s insurance-linked securities (ILS) grant scheme.
FULL ORIGINAL PUBLICATION HERE
