Tokio Millennium Re retrocedes ILS risks in tandem with acquisitionPosted On: Apr. 1, 2019 6:17 AM CST
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, Artemis.bm 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.