Zenkyoren has now secured the targeted $100 million of multi-year collateralized Japanese earthquake reinsurance protection from its new  catastrophe bond issuance, with the notes now priced at the mid-point of guidance, this publication can report.Zenkyoren, the Japanese National Mutual Insurance Federation of Agricultural Cooperatives, made its return to the catastrophe bond market in mid-March, as the company looked to add to its capital market backed aggregate Japanese earthquake reinsurance protection.The initial target was to secure at least $100 million in fully-collateralized Japanese earthquake reinsurance protection from this new Nakama Re 2026-1 cat bond.As we then the target size remained unchanged but the price guidance was updated at the mid-point of the range of spreads that was on offer.

Now, we understand that the Nakama Re Series 2026-1 catastrophe bond notes have been successfully priced, to secure the targeted reinsurance coverage at the updated level of spread.Recall, that this new Nakama Re 2026-1 issuance will mark the  that we have listed in our extensive Deal Directory.With the deal now finalised, Nakama Re Pte.

will issue $100 million of Series 2026-1 cat bond notes that will provide Zenkyoren with fully-collateralized Japanese earthquake reinsurance protection structured on a three-year aggregate, indemnity triggered basis.The full term of the cat bond’s coverage is set to run across five years, to mid-April 2031, across three annual aggregate risk periods, each three-years in length, that overlap across the full term.The $100 million of Series 2026-1 Class 1 that Nakama Re Pte.

will issued come with an initial annualised attachment probability of 0.87%, and an initial annualised expected loss of 0.82%.Initially the notes were offered to catastrophe bond investors with price guidance for a risk interest spread of 1.9% to 2.4%, but as we reported that was updated at the mid-point of that range, for a spread of 2.1%.Which is where the notes have now been priced to pay their initial risk interest spread to investors, sources have told us.

This is a great result for Zenkyoren, with the mutual insurer managing to secure its latest catastrophe bond at its targeted size, and at mid-guidance pricing.As a reminder, you can read all about this  catastrophe bond and every other cat bond transaction in the Artemis Deal Directory..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.

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