Earthquake Commission targets debut cat bond issuance at $156 million

New Zealand’s Toka Tu Ake Earthquake Commission is seeking $250 million New Zealand ($156 million) of multi-peril reinsurance from the capital markets with the issuance of its debut catastrophe bond Totara Re Pte. Ltd., Artemis reported. Totara Re Pte. Ltd. has been created in Singapore as a special purpose reinsurance vehicle for the issuance of a series of catastrophe bond notes. The Totara Re cat bond is expected to cover the commission against losses from tsunamis, volcanic eruptions, earthquakes, landslides, storms, hydrothermal, and flood events.