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Cat bond covering Chinese perils set to launch

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China Reinsurance (Group) Corp. is set to launch Panda Re Ltd. (Series 2015-1), the first catastrophe bond covering Chinese perils, reported Artemis.bm.

The cat bond would cover Chinese earthquake risks on an indemnity basis.

Panda Re Ltd. will be registered as a Bermuda domiciled special purpose insurer.

The cat bond will cover losses from earthquakes across the country, excluding Hong Kong and Macau.

Panda Re would provide protection for a term of 3 years and would be brought to market on July 1, 2015.

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