German insurer SV SparkassenVersicherung (SV) has entered the catastrophe bond market with the successful completion of its debut cat bond, Liongate Re, securing $100 million in fully collateralized reinsurance, in collaboration with Japanese mutual insurer Zenkyoren.
Named after the company’s headquarters at the “Löwentor” in Stuttgart, Liongate Re was issued via a dedicated Irish SPV.
The issuance marks a key milestone in SV’s broader risk transfer strategy, complementing traditional reinsurance with access to the wider capital markets. It also underscores SV’s commitment to innovation in risk management.
Moreover, the transaction reflects a collaborative partnership with Japanese mutual insurer Zenkyoren. Both organisations are long-term oriented and share values such as financial stability and reliability. Liongate Re stands as an example of international cooperation and the benefits of collaboration between like-minded insurers.
Structured with reinsurance broker Guy Carpenter Securities, the bond provides three years of retrocessional earthquake reinsurance—covering losses across Germany on a parametric basis and from Japan on an indemnity basis.
For more details on Liongate Re or specific cat bond deals, refer to the extensive Deal Directory on our sister publication, Artemis.
Dr Andreas Jahn, CEO of SV, commented, “We are pleased to announce the successful completion of our debut catastrophe bond, Liongate Re – an innovative transaction that enhances our reinsurance program and stands for our partnership with Zenkyoren. This milestone expands our access to alternative private market risk transfer, reducing reliance on traditional reinsurance. Over time, we expect subsequent issuances to provide alternative forms of protection and improve overall risk transfer efficiency. Developing our capability in this market supports SV’s ongoing commitment to innovation and optimization of risk management.”
Tsuyoshi Kawagoe, General Manager of Reinsurance Office, Zenkyoren, said, “The foundations of our partnership with SV are built on our shared values and principles. The issuance of Liongate Re marks the beginning of our new business relationship with SV and our close collaboration on this issuance has led to our mutual benefit. The cat bond has been designed to seamlessly complement our existing cat bond franchise and provide additional support to protect Zenkyoren against Japanese earthquake events.”
