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Global reinsurance firm Swiss Re said today that it is “excited” to promote the development of an insurance-linked securities (ILS) and catastrophe bond market in Asia, with the completion of the first cat bond it has facilitated in Singapore, the $100 million First Coast Re II Pte. Ltd. (Series 2019-1).
As we first revealed more than ten days ago, Florida based primary insurance company Security First became the first sponsor to benefit from a full Rule 144A catastrophe bond to be issued in Singapore.
The Security First Insurance Company sponsored catastrophe bond became the first 144A cat bond to be issued under the new ILS regulatory regime in Singapore, pipping another transaction, the Manatee Re III 2019-1 cat bond, to the post.