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International

First China cat bond raises $50 million for China Property & Casualty Reinsurance

July 02, 2015 Reprints

Panda Re Ltd. (Series 2015-1), the first catastrophe bond covering Chinese perils, has now completed and has raised $50 million for its sponsor China Property & Casualty Reinsurance Co. Ltd., reported Artemis.bm.

Panda Re Ltd. has issued a single $50 million tranche of notes that will provide fully collateralized reinsurance protection against losses from earthquakes for the reinsurer. The cat bond would cover Chinese earthquake risks on an indemnity basis.

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First China cat bond raises $50 million for China Property & Casualty Reinsurance

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