Munich Re Co. and Dutch pension fund manager PGGM have issued a $380 million tranche of notes as part of the 2019 Leo Re Ltd. private sidecar arrangement, Artemis reported.

The notes, issued by PGGM's Leo Re, will mature March 22, 2023. The collateralized reinsurance sidecar issued a $20 million tranche of notes in December 2018 that featured property catastrophe risk sourced from Munich Re.

The Leo Re Ltd. private sidecar transactions are arranged on behalf of one of the pension funds administered by PGGM.