Allianz has successfully sponsored a new cat bond that will provide the group with multi-year risk transfer capacity of E250m to protect itself against European windstorms.
This is the first cat bond protecting Allianz’ own account in over a decade. Allianz entered into a three-year reinsurance agreement with Blue Sky Re DAC, a special purpose vehicle incorporated in Ireland.
“Allianz is pleased to secure multi-year protection against our peak natural peril, windstorms in Europe, by returning to the insurance-linked securities market. Re-starting our cat bond journey with Blue Sky Re in 2023 broadens our risk mitigation toolbox,” said Thorsten Fromhold, group reinsurance officer, Allianz Re, the entity responsible for structuring the transaction for the Allianz Group.
The transaction forms part of the overall catastrophe reinsurance purchased by Allianz. It supplements and diversifies Allianz’ sources of reinsurance protection against natural catastrophes and provides a multi-year period of protection running from January 2024 to December 2026. The cat bond will be triggered by an insurance industry loss index.
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