Monday, June 6, 2016

Aon Benfield Securities locations $250 Million Cat Bond for QBE’s VenTerra



Aon Benfield Securities, the investment banking department of world reinsurance intermediary and capital guide Aon Benfield, announced that it has correctly underwritten and located a $250 million disaster bond issued with the aid of VenTerra Re Ltd, a Bermuda-primarily based unique reason insurer.

“VenTerra Re Ltd. provides subsidiaries of QBE insurance institution limited (QBE) with $250 million of multi-year collateralized protection against U.S. and Australia earthquakes and Australia cyclones on an indemnity foundation for a duration of 3 years commencing January 1, 2014,” stated the announcement. 

“VenTerra Re Ltd. is the first-ever catastrophe bond that has secured coverage for Australian perils for a number one coverage agency on an indemnity basis.”

Aon Benfield Securities acted as Joint Structuring Agent and Sole Bookrunner at the transaction.

Jim Fiore, leader Reinsurance Officer at QBE, indicated that the insurer become “very satisfied with the coverage and phrases secured through VenTerra Re Ltd., the primary catastrophe bond backed via our organization and which was acquired very well amongst traders.”

Aon Benfield Securities CEO Paul Schultz commented: “we're pleased to have efficaciously placed VenTerra Re Ltd. on terms attractive to QBE, with insurance drastically just like what QBE has been capable of comfy inside the traditional reinsurance market. VenTerra Re Ltd. become very well acquired by using buyers, who welcomed the addition of a new sponsor to the marketplace.”

The bulletin stated: “The VenTerra Re Ltd. $250,000,000 collection 2013-1 elegance A fundamental At-danger Variable fee Notes were priced at three.75 percentage above the yield at the underlying money market fund collateral. The Notes are rated BB(sf) by using standard & negative’s and chance control solutions, Inc. supplied the hazard analysis for the transaction.”

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