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Tokio Millennium Re retrocedes ILS risks in tandem with acquisition


Switzerland-based reinsurer Tokio Millennium Re A.G. has completed a retrocession agreement with Tokio Marine and Nichido Fire Insurance Co., Ltd. to cover its insurance-linked securities-related risks in tandem with its recent acquisition deal, reports. Under the agreement, Tokio Millennium Re retrocedes liabilities related to stop-loss reinsurance contracts, written for the reinsurer's third-party capital partners. Bermuda-based RenaissanceRe Holdings Ltd. recently acquired Tokio Millennium Re for $1.5 billion.

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