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PICC P&C issues new tranche of Great Wall Re catastrophe bond
The new floating rate notes were priced on September 30 and set to mature in about one year, according to securities market data cited by Artemis.
Chinese domestic insurer PICC Property and Casualty Company Limited appears to have returned to the catastrophe bond market, with its Hong Kong domiciled special purpose insurer Great Wall Re Limited issuing a new tranche, according to Artemis.
Artemis said Great Wall Re Limited issued floating rate notes in recent days, with pricing on September 30 and maturity in roughly one year, though details beyond that were limited at the time.
Artemis added that PICC P&C sponsored its first catastrophe bond in late December 2022, a Great Wall Re Limited deal that raised $32.5 million and provided about three years of fully collateralized earthquake reinsurance in China.
The outlet said the 2022 issuance marked the third catastrophe bond domiciled in and issued out of Hong Kong under the Great Wall Re Limited structure.