Business Services Industry
Aon storms markets with typhoon cat bond
Business Insurance, June, 1998 by Zolkos, Rodd
RODD ZOLKOS CHICAGO - A recent catastrophe bond deal is significant not only as the first to securitize Japanese windstorm risks, but also because it was engineered by a new player in a realm that previously has been dominated by investment banks. Yasuda Fire & Marine Insurance Co. Ltd. used risk securitization this month to secure $80 million in reinsurance for typhoon exposures for up to seven years.
The transaction involved the sale of $80 million in notes by Pacific Re Ltd., a Cayman Islands-domiciled special-purpose vehicle. The notes were structured and brought to market by Aon Capital Markets Inc., a subsidiary of Aon Corp. 'Obviously it's the first transaction that was lead-managed by a non-Wall Street investment bank,' said Kevin R. Callahan, president...
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