Mutual insurer secures new quake cat bond at $225 million

The Japanese National Mutual Insurance Federation of Agricultural Cooperatives (Zenkyoren) has secured its new quake catastrophe bond Nakama Re Ltd. to provide $225 million worth of reinsurance protection, Artemis reported. Nakama Re Ltd. will issue two tranches of Series 2023-1 notes that will provide Zenkyoren with earthquake reinsurance on an indemnity trigger as well as annual aggregate basis. The term is five years.