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PARISAXA S.A. has completed a securitization of French, Japanese and United States catastrophic mortality risk.
Paris-based insurer AXA said it had completed a €1 billion ($1.28 billion) shelf program to transfer mortality risks to the capital marketsthe first deal by a primary insurer to transfer mortality risk to the capital markets.
Under the terms of the deal, a special purpose vehicleOSIRIS Capital P.L.C.issued notes denominated in both euros and U.S. dollars. The offering also included a non-investment grade tranche.
"This shelf program is a flexible and efficient structure to diversify sources of cover for the group's mortality risk exposure by benefiting from the broad capacity of capital markets," AXA said in a statement.
Swiss Reinsurance Co. arranged the securitization deal for AXA and acted as global coordinator for the initial offering of $442 million under the program.