Aon Capital Markets Places Parametric Index Japanese Earthquake Catastrophe Bond
15 Maggio 2008 - 10:00PM
PR Newswire (US)
CHICAGO, May 15 /PRNewswire-FirstCall/ -- Aon Corporation
(NYSE:AOC) today announced that Aon Re Global's investment banking
group, Aon Capital Markets, successfully completed the private
placement of $300 million of principal at-risk variable rate notes
for Muteki 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)
Zenkyoren, the National Mutual Insurance Federation of Agricultural
Cooperatives, is the ultimate beneficiary of the securitization
through an underlying reinsurance contract with Munich Re. The
transaction was structured with a parametric index trigger,
providing recoveries based on the location and peak ground
acceleration of earthquakes as reported by strong motion
seismographs at approximately 1,000 K-NET stations. Aon Capital
Markets was the sole book runner and co-lead placement agent with
Munich Re Capital Markets for the Rule 144A transaction. "We are
pleased to complete our second Japanese earthquake securitization
since the fourth quarter of 2007. The capital markets continue to
offer our clients cost effective capacity that complements
traditional reinsurance and large buyers of catastrophe reinsurance
worldwide are utilizing this source of capital," said Paul Schultz,
president of Aon Capital Markets. The notes were issued by Muteki
Ltd., an exempted company in the Cayman Islands established for
this transaction. AIR Worldwide Corporation provided the risk
modeling and analysis for this transaction. The notes were priced
at LIBOR plus 4.40 percent with a maturity of three years and rated
Ba2 by Moody's Investors Service, Inc. About Aon Aon Capital
Markets is Aon Re Global'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 Re Global, the world's
leading and most preferred reinsurance intermediary, provides
clients with integrated capital solutions and services through a
world-class network of experts in more than 35 countries. Clients
are better able to differentiate and meet their business objectives
with Aon Re Global's best-in-class treaty and facultative
reinsurance placement services, capital markets expertise, and
relevant analytics and technical expertise, including catastrophe
management, actuarial and rating agency counsel. Aon Re Global was
named best reinsurance broker in 2007 and 2006 by readers of
Business Insurance, in 2007 by readers of US Insurer and in 2006 by
readers of Reinsurance. Aon Corporation (NYSE:AOC) is the leading
global provider of risk management services, insurance and
reinsurance brokerage, human capital and management consulting.
Through its 36,000 colleagues 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 named the world's "best broker" by
Euromoney magazine's 2008 Insurance Survey. Aon also 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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