Groupama issues a new Cat bond Aggregate to protect its climatic exposures in France
22 July 2024 - 7:57PM
UK Regulatory
Groupama issues a new Cat bond Aggregate to protect its climatic
exposures in France
This €150 million Quercus Re DAC Cat bond
will come into effect on 19 July, for a period of 3 years.
Its amount is 50% higher than the previous Cat bond issued by the
group in 2023, which was due to expire.
A sign of investor interest in Groupama and its
portfolio, the placement was made to a rapidly growing panel of 20
investors on behalf of funds specialising in Cat bonds. The bond
was placed and structured by the Aon Securities* team.
This is an indemnity cover for the accumulation
of events during the same annual storm season: it is triggered if
the cumulative storm claims reach 290 million euros.
"This record issue in Europe in terms of
amount for an Aggregate Cat bond represents effective protection
for our retained climate claims. It also aims to further diversify
our reinsurance capacity and demonstrates our desire to build a
long-term relationship with the Insurance Linked Securities
market."
Pierre Lacoste, Groupama's reinsurance
director
This 144A bond issue has been approved by the
Irish regulatory authorities under the Solvency 2 regime.
* Reference to the Aon Securities team means Aon Solutions
Ireland Limited, which is regulated by the Central Bank of Ireland
(and its affiliates).
- PR_Groupama_Cat bond_July2024
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