Wednesday, December 13, 2017

Guy Carpenter hails Panda bond as “historic”

GC Securities, announced the placement of Series 2015-1 Class A Principal At-Risk Variable Rate Notes due July 9, 2018, with notional principal of US$50 million.

This will take place through a newly formed catastrophe bond shelf programme, Panda Re.

The programme will benefit the China Property and Casualty Reinsurance and China Reinsurance, collectively known as China Re.

Welcomed as a “historic transaction” by David Priebe, vice-chairman of Guy Carpenter, it is known to be the first ever cat bond benefitting a Chinese insurer or reinsurer.

It also represents the first time China Re has utilized the catastrophe bond market to manage its natural peril risks, giving cat bond investors exposure to China perils.

Priebe said the programme exemplified the benefit of the convergence between the reinsurance and capital markets, and was an important development for Guy Carpenter, which creates and executes reinsurance solutions, delivering capital market solutions for clients worldwide.

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