Standard & Poor’s Ratings Services has assigned its ‘BB+’ senior secured debt rating to the $90 million series 1 class A principal at-risk variable-rate notes and the $30 million series 1 class B principal at-risk variable-rate notes issued under the newly established shelf program, AKIBARE Ltd., sponsored by Mitsui Sumitomo Insurance Co. Ltd. (MSI).
This is the first series of notes issued under this program. S&P explained that the notes benefit Swiss Re, as the counterparty, as it has “bought fully collateralized retrocession protection against high severity losses incurred from typhoons in Japan, in connection with a reinsurance contract it entered into with MSI.” AKIBARE is a special-purpose Cayman Islands-exempted Company, whose ordinary shares are held in a charitable trust. Under the program, Swiss Re is able to issue class A and B notes with a maximum notional amount of $500 million
Was this article valuable?
Here are more articles you may enjoy.
Hands-Free Driving Systems Do Not Improve Safety, NTSB Says 
Viewpoint: California’s Surplus Lines HO Market Driven by Access, Not Wildfire Risk 
US Doubles Hormuz Reinsurance Guarantees to $40 Billion With New Partners 
Secret Codes and Yuan Fees Get Ships Through Iran’s Hormuz Tollbooth 
