First China cat bond raises $50 million for China Property & Casualty Reinsurance
Posted On: Jul. 2, 2015 12:00 AM CSTPanda 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.