Asagao cat IV bonds worth $68 million issued by White Rock

A fourth deal for Asagao’s private catastrophe bonds has been revealed, with the nearly $68 million Asagao IV deal issued, the latest issued by Bermuda-based Aon Bermuda-based insurance and reinsurance broker Class 3 and Class C and segregated accounts firm White Rock Insurance (SAC) Ltd This appears to be the sponsor renewing some of the capital markets backed by reinsurance or reinsurance protection with this Asagao IV private cat bond deal, as it comes out of sync with other recent issuances.

Asagao’s first private cat bond was put on the market in September 2019, a nearly $70 million Japanese seismic risk securitization based on frontier stimulus.

It was followed in March 2020 by a second deal, an Asagao II cat bond deal that involved nearly $18.3 million (¥2 billion) in catastrophic risk securitization.

In March 2021, the third appeared, when nearly $18.3 million in Asagao III private bonds were issued, which seemed to be a renewal of Asagao’s second deal issued a year earlier.

It looks like the latest Asagao IV might be a revamp of the former, as it’s also ¥7.5 billion, and as the first Asagao disaster bond was set to mature around this time.

As with all of these private cat bonds, it is issued using a White Rock Insurance (SAC) Ltd vehicle. , operated and facilitated by Aon Insurance Managers, the specialist insurance management unit of Aon.

This vehicle provides a platform for risk transfer and securitization for privately offered catastrophe bonds and secured reinsurance arrangements, as well as other captive and segregated account type services for reinsurers and waivers.

Given the trend seen in Asagao’s private cat bonds, we hypothesize that this Asagao IV deal is once again securitization of Japanese seismic risk on a frontier basis, likely to the same unknown Japanese sponsor.

Aon’s underwriters will act as the underwriter for this special Asagao IV bond issuance, enabling the issuance using the White Rock vehicle to place approximately $68 million in insurance-linked securities (ILS) (or Catastrophe Bond Notes) against a Japanese catastrophe risk disclosure. unknown. It is possible that Reinsurance Solutions in Aon and possibly the specialist unit of ILS Aon Securities also participated.

White Rock Insurance (SAC) Ltd. 7.5 billion Japanese yen (JPY) of principal bonds at risk (which is approximately $68 million as of issue date), on behalf of its separate account called T87 Asagao IV (which we’ve shortened to Asagao IV only for its entry in our Catalog Deals Catalog ).

This transaction was issued by White Rock Insurance (SAC) Ltd. ILS Note Program, which enables privately held cat bonds, or other ILS arrangements, to be issued, as well as offered and sold to investors.

The $68 million of Asagao IV’s principal at-risk bonds are due to mature on July 25, 2023.

The newly issued private cat Asagao IV bond was placed with qualified institutional investors, which we anticipate was an Insurance Linked Securities (ILS) fund, or a number of ILS funds if the transaction was a joint venture.

As with all Asagao private cat bonds, we assume that the bonds issued provide reinsurance or reinsurance coverage against Japanese earthquake losses in exchange for an indefinite assignment, with coverage potentially on a border stimulus basis.

You can read all about the Asagao IV Private Insurance Related Securities (ILS) arrangement and every other disaster bond transaction in the Artemis Dealing Guide.

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