WongPartnership acted for Avatar Property and Casualty Insurance Company in its catastrophe bonds issuance

19 Nov 2020

WongPartnership acted for Florida-based insurer Avatar Property and Casualty Insurance Company (the “Sponsor”) in the issuance of its catastrophe bonds, making this its first issuance in Singapore.

The transaction represents a noteworthy step forward for Singapore in developing the market for insurance-linked securities (“ILS”) as the fact that issuers new to Singapore are choosing Singapore as their port for issuing ILS is an encouraging sign for the efforts of the Monetary Authority of Singapore (“MAS”)  to develop Singapore as a hub in Asia for ILS.

The issuance was done by Casablanca Re Pte. Ltd., a special purpose reinsurance vehicle licensed by the MAS.

Our Head of Debt Capital Markets and Insurance Practices Hui Choon Yuen; Partner Khoo Yuh Huey; and Tax Practice Partner Tan Shao Tong led the Firm’s team in this deal.

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