Insurance giant Allianz has returned to the catastrophe bond market for the first time in over a decade with a new deal which will provide it with a multi-year risk transfer capacity of €250 million to protect against European windstorms.
According to Allianz, this reinsurance agreement with Blue Sky Re DAC, (its special purpose vehicle incorporated in Ireland) supplements and diversifies the firm’s sources of reinsurance protection against natural catastrophes and provides a multi-year period of protection running from January 2024 to December 2026.
Allianz observed that the notes sold to capital market investors were well received and benefited from high investor demand.
Thorsten Fromhold, Group Reinsurance Officer, Allianz Re, the entity responsible for structuring the transaction for the Allianz Group, said, “Allianz is pleased to secure multi-year protection against our peak natural peril, windstorms in Europe, by returning to the insurance-linked securities market.
“Re-starting our cat bond journey with Blue Sky Re in 2023 broadens our risk mitigation toolbox.”
Read more on this Blue Sky Re DAC (2023-1) cat bond, and all others, in the Deal Directory of our sister publication, Artemis.
