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July 23, 2020

Willis Re Securities closes €100m catastrophe bond for UnipolSai

By Verdict Staff

Willis Re Securities has structured and placed €100m of insurance-linked securities (ILS) for Unipol Group arm UnipolSai Assicurazioni, in partnership with Willis Re.

Azzurro Re II DAC Series 2020-1 offers a single €100m tranche of fully collateralised protection to UnipolSai against earthquake risk in Italy and adjacent countries for a three-and-a-half-year period.

The structure presents an indemnity trigger on a per occurrence basis with terms following the traditional reinsurance placement. This is expected to ensure effective integration within the overall property catastrophe reinsurance programme.

Willis Re Securities ILS International head Quentin Perrot said: “For the first time, a cedant has put in place a Solvency II cat bond programme, allowing for a fast and efficient process for future cat bond transactions, in compliance with the Solvency II regulation.

“This demonstrates the long-lasting commitment of UnipolSai to engage with the ILS community. As usual, the level of dedication of the UnipolSai team was key to obtaining this very good result. With this new issuance, Willis Re Securities maintains its unrivalled leadership position in the structuring and placement of European ILS transactions.”

Azzurro Re II is said to be the first multiple-arrangement special purpose vehicle authorised by the Central Bank of Ireland for cat bond transactions. This will enable UnipolSai to come back to market for future cat bond issuance through a ‘fast track’ approval process.

In June this year, Willis Re Securities structured and placed €100m of ILS for Achmea Reinsurance Company.

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