Captive Blackstone seeks $50 million frontier earthquake cat bond from Wrigley Rig

Gryphon Mutual Insurance Company, a captive real estate insurance company we understand to be owned by investment giant Blackstone, is entering the catastrophe bond market with the help of global reinsurer Hannover Re, as the company seeks $50 million in California earthquake protection. Wrigley Re Ltd transaction. (Series 2021-1). We understand that Hannover Re acts as the custodian reinsurer of the Wrigley Re catastrophe bond, and interacts with capital market investors on behalf of Gryphon Mutual Insurance, who will be the custodian insurer to benefit from the reinsurance protection provided by the bond.

Blackstone established Gryphon Mutual Insurance as a captive insurance company focused on real property in 2020, as we understand it.

The private equity investment giant said at the time that launching Gryphon as a captive would give it more control over its property insurance program and help reduce costs for the company.

Given the size of its investment operations and its employee base, the investment manager clearly believes that a segment of parametric responsive earthquake coverage is suitable for a California property insurance tower, with capital markets seen as an effective way to secure that coverage.

A special purpose insurance company based in Bermuda called Wrigley Re Ltd was created. To issue Cat bonds.

We were told that Wrigley Re Ltd. It will consider a one-off issuance of $50 million of the 2021-1 Series A banknotes, with the sale of the notes to investors and the proceeds to be used to underwrite requalification agreements between Hannover Re and Wrigley Re.

We assume Hannover Re will then enter into a reinsurance agreement with Gryphon Mutual to reduce coverage, with the Blackstone Captive Property Insurance Program being the ultimate beneficiary.

The feedback will provide a source of fully guaranteed reinsurance protection against losses from California earthquakes on a standard trigger basis and on a repeat basis, we understand.

Coverage will run for about three years until the end of June 2024 and focus on specific computational locations of the parametric earthquake operator, it seems.

$50 million of Wrigley Re Ltd banknotes will face an expected initial loss of 0.99% and are offered to cat bond investors with a price guidance in the range of 2.75% to 3.25%, we’re told.

It is encouraging to see a catastrophic parametric bond issuance, as it remains relatively rare in the market, but more so to see another captive ceding risk to its owners, Blackstone, to the capital markets through catastrophic bonds.

We’ll keep you posted as the Wrigley Re Ltd catastrophe bond goes live. (Series 2021-1) is in the market and you can read about this and every other cat bond in the Artemis Deals Guide.

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