First non-US risk cat bond comes in at half expected size
Munich Re priced a €50m catastrophe bond on Tuesday, the first this year to reference a non-US risk, but at just half the size initially expected, Rueters reported.
The bond, sold via Irish-incorporated special-purpose vehicle Ianus Capital and lead-managed by JP Morgan, matures on June 9, 2012. Rated B2 by Moody's Investors Service, the bond was priced to yield 9% over three-month Euribor.
The transaction, will protect Munich Re against losses from European windstorms and Turkish earthquakes.
The firm provides reinsurance for the Turkish Catastrophe Reinsurance Pool (TCIP), a mandatory property insurance programme established in 2000.
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The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
