Artemis (ILS/cat bonds)

Tokio Marine Targets New $100m Kizuna Re Quake Cat Bond Sponsorship From Singapore

Tokio Marine & Nichido Fire Insurance is sponsoring a new $100 million Kizuna Re III cat bond, issued from Singapore and targeting earthquake risk in Japan. The deal marks the insurer's tenth catastrophe bond overall and the seventh in the Kizuna series, using a Singapore‑based special purpose reinsurance vehicle to potentially tap the MAS ILS grant program. The five‑year bond features three overlapping three‑year aggregate risk periods, a JPY 40 billion franchise deductible, and pricing guidance of 2.25%‑2.75%. Collateral will be invested in an Asian Development Bank note, a rare choice for cat‑bond backing.