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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