We’ve learned that the new Great Wall Re Limited catastrophe bond issuance is $12 million in size, so presumably will provide an equivalent amount of capital markets backed reinsurance to the sponsoring Chinese domestic insurer, PICC Property and Casualty Company Limited.
On Monday we revealed that PICC Property and Casualty Company Limited appeared to have returned to sponsor its second catastrophe bond, using its Hong Kong domiciled special purpose insurer Great Wall Re Limited for the second time.
Information was extremely limited at the time, simply that a new transaction under Great Wall Re had taken place. But one new piece of information has now emerged, which is that the tranche of floating rate cat bond notes issued by Great Wall Re is said by sources to be $12 million in terms of the issuance size.
FULL ORIGINAL PUBLICATION HERE