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Report: Tokio Millennium Re (Bermuda) sponsors $250M cat bond

Tokio Millennium Re (Bermuda) is sponsoring a $250 million Spectrum Capital Ltd. series 2017-1 catastrophe bond, Artemis reported.

Bermuda special purpose insurer Spectrum Capital will issue two tranches of series 2017-1 notes that use an industry loss trigger based on PCS reported insurance market losses for covered events. The cat bond will provide coverage against losses from U.S. named storms, earthquakes, severe thunderstorms, wildfires, winter storms and Canada earthquakes, according to the report.

Funds raised from the transaction will be used to collateralize two underlying reinsurance agreements, which will offer derivative-style protection and will have a term of almost four years.

The insurance-linked securities blog reported that the $150 million of class A notes have an initial attachment probability of 3.64%, expected loss of 2.72% and a price guidance of between 6% and 6.75%. The $100 million of class B notes have an annualized attachment probability across the term of the deal of 0.89%, an expected loss of 0.69% and a price guidance in the range of 3.25% to 4%.

The coverage of the class A tranche of notes will be on an annual aggregate basis, while the class B tranche will have a per-occurrence coverage for second and subsequent loss events.

The transaction may be completed in June, according to the report.