Aon Capital Markets Places Parametric Japanese Earthquake Catastrophe Bond
17 Ottobre 2007 - 3:30PM
PR Newswire (US)
CHICAGO, Oct. 17 /PRNewswire-FirstCall/ -- Aon Corporation
(NYSE:AOC) today announced that its investment banking group, Aon
Capital Markets, successfully completed the private placement of
$260 million of principal at-risk variable rate notes for MIDORI
Ltd. The placement provides Munich Re with fully collateralized
catastrophe protection for Japanese earthquake risk. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO) East Japan
Railway Company is the ultimate beneficiary of the securitization
through an underlying financial contract with Munich Re. The
transaction was structured with a parametric trigger, providing
recoveries based on the location and magnitude of the earthquakes
in the Southern Kanto region of Japan, as reported by the Japanese
Meteorological Agency (JMA). Aon Capital Markets was the sole book
runner and an Initial Purchaser for the Rule 144A transaction.
"This transaction has combined reinsurance and capital markets to
provide a unique capacity to our client," said Paul Schultz,
president of Aon Capital Markets. "Aon's dynamic execution platform
offers our clients alternative risk transfer solutions by providing
access to traditional markets through Aon's broker network and
capital markets through Aon Capital Markets." The notes were issued
by MIDORI Ltd., an exempted company in the Cayman Islands
established for this transaction. EQECAT, Inc. provided the risk
modeling and analysis for this transaction. The notes were priced
at LIBOR plus 2.75% with a maturity of five years and rated BB+ by
Standard & Poor's. "The deal was well received by investors,"
said Schultz. "The diversified peril and simple parametric
structure was very appealing to investors." About Aon Aon Capital
Markets is Aon's boutique investment bank, providing clients with
strategic advice and access to all forms of capital. Aon Capital
Markets was one of the primary innovators of insurance-linked
securities and recently completed the largest insurance-linked
securitization in history. Since bringing the first ILS deal to the
market in 1994, Aon Capital Markets has brought more than 50 deals
to market. Aon Corporation (NYSE:AOC) is the leading global
provider of risk management services, insurance and reinsurance
brokerage, human capital and management consulting, and specialty
insurance underwriting. Through its 43,000 professionals worldwide,
Aon readily delivers distinctive client value via innovative and
effective risk management and workforce productivity solutions. Our
industry-leading global resources, technical expertise and industry
knowledge are delivered locally through more than 500 offices in
more than 120 countries. Aon was ranked by A.M. Best as the number
one global insurance brokerage in 2007 based on brokerage revenues,
and voted best insurance intermediary, best reinsurance
intermediary, and best employee benefits consulting firm in 2007 by
the readers of Business Insurance. For more information on Aon, log
onto http://www.aon.com/. Media Contact Rahsaan Johnson
312.381.2684
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO
http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT:
Rahsaan Johnson of Aon Corporation, +1-312-381-2684, Web site:
http://www.aon.com/
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