Earthquake Commission secures $137 million cat bond

New Zealand’s Earthquake Commission has secured its debut catastrophe bond Totara Re Pte. Ltd. (Series 2023-1) to provide $225 million New Zealand ($136.6 million) of collateralized and multi-year reinsurance protection, Artemis reported. Totara Re Pte. Ltd. will issue the notes to provide the Earthquake Commission with a four-year source of collateralized reinsurance protection until May 2027. It will cover certain losses from earthquake, landslide, tsunamis, hydrothermal, volcanic eruption, floods events and storm.