Aon Benfield Securities, the funding banking department of
world reinsurance intermediary and capital advisor Aon Benfield, introduced the
a success final touch of the first european Windstorm indemnity catastrophe bond
for a ecu insurance sponsor.
The streamlined catastrophe bond, Windmill I Re Ltd.,
“provides Achmea Reinsurance organization N.V. with €40 million [$54.5 million]
of collateralized safety against Europe Windstorm on an indemnity foundation
for a period of 3 years commencing January
1, 2014,” the bulletin explained.
Aon Benfield Securities acted as Structuring Agent and
location Agent at the transaction, which covers windstorm occasions within the
protected area of the Netherlands,
Belgium, France,
Germany, Portugal,
Spain and the United
Kingdom.
Roelant de Haas, Chairman of the Board of directors at
Achmea Re said: “we are very satisfied with the coverage secured via Windmill I
Re Ltd., the primary catastrophe bond backed by means of our corporation. It
isn't best our first catastrophe bond, however it is also indemnity primarily
based which become one among our conditions. This disaster bond received sturdy
investor hobby and provided our firm with AAA rated collateralized reinsurance
safety at very efficient phrases for a three-12 months duration.”
Aon Benfield Securities CEO Paul Schultz commented: “The
goal of this transaction turned into to relaxed successfully-priced capital on
phrases notably much like the traditional reinsurance marketplace. The
streamlined offering also makes catastrophe bonds to be had in smaller notional
sizes on an economical foundation.”
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