Willis Re Securities, in collaboration with Willis Re, has reportedly structured and placed €100m of insurance-linked securities (ILS) for the reinsurance arm of Dutch insurance group Achmea BV, the Achmea Reinsurance Company.

Willis Re is the reinsurance division of Re/insurance major Willis Towers Watson.

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According to the reports, the Windmill II Re DAC offers a single €100m tranche of fully collateralised protection to Achmea against European windstorm risk for a four-year period.

The structure features an indemnity trigger on a per occurrence basis with traditional reinsurance placement terms. This is said to guaranty effective integration within the overall property catastrophe reinsurance programme.

The transaction is said to be the first cat bond this year to be exposed to primary European insurance risk. It was upsized from an initial announcement size of €80 million and pricing at a spread of 4.00%, below the initial spread guidance.

Willis Re Securities ILS International Quentin Perrot has been quoted by Reinsurance News as saying: “We are proud to have supported Achmea Reinsurance in its inaugural 144A catastrophe bond transaction.

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“For the first time in 2020, a cat bond priced below the initial target range, demonstrating that cedants with a high quality and diversifying risk profile can achieve success in the cat bond market today.

“The dedication of the Achmea Reinsurance team throughout this project played a key role to ensure this great result. With this new issuance, Willis Re Securities maintains its unrivalled leadership position in the structuring and placement of European ILS transactions.”