21 Dec 2018
Singapore’s first catastrophe bond
Partners Simon Goh and Lee Xin Mei advised on Singapore’s first insurance-linked securities transaction, a catastrophe bond sponsored by Insurance Australia Group Limited. The bond, an A$75 million Series 2019-1 Class A Principal At-Risk Variable Rate Notes due 17 January 2022, is the first A$-denominated catastrophe bond in the global market. The issuer is Orchard ILS Pte. Ltd., the first special purpose reinsurance vehicle licensed by the Monetary Authority of Singapore. This pioneer catastrophe bond will help broaden Singapore’s capital markets by adding a new asset class and generating a new set of service providers locally.