Singapore hosts its first cat bond
Insurance Australia Group (IAG) has launched the first catastrophe bond out of Singapore, as the Lion City seeks to become a hub for insurance-linked securities (ILS) by offering grants to issuers.
Guy Carpenter Securities was the sole structuring and placement agent for the deal, which is IAG’s first cat bond. It was issued through a vehicle called Orchard ILS Pte Ltd.The three year A$75m trade gives the Australian insurance group annual aggregate protection. This means that if total ...
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