ENP Newswire - 09 January 2014 Release date- 08012014 - Aon Benfield Securities , the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield, today announced that it has successfully underwritten and placed a USD250 million catastrophe bond issued by VenTerra Re Ltd , a Bermuda -based special purpose insurer. VenTerra Re Ltd. provides subsidiaries of QBE Insurance Group Limited (QBE) with USD250 million of multi-year collateralized protection against U.S. and Australia earthquakes and Australia cyclones on an indemnity basis for a period of three years commencing January 1, 2014 . VenTerra Re Ltd. is the first-ever catastrophe bond that has secured coverage for Australian perils for a primary insurance company on an indemnity basis. Aon Benfield Securities acted as Joint Structuring Agent and Sole Bookrunner on the transaction. Jim Fiore , Chief Reinsurance Officer at QBE, said: 'We are very happy with the coverage and terms secured via VenTerra Re Ltd. , the first catastrophe bond sponsored by our company and which was received very well among investors.' Paul Schultz , Chief Executive Officer of Aon Benfield Securities , said: 'We are pleased to have successfully placed VenTerra Re Ltd. on terms attractive to QBE, with coverage substantially similar to what QBE has been able to secure in the traditional reinsurance market. VenTerra Re Ltd. was very well received by investors, who welcomed the addition of a new sponsor to the market.' The VenTerra Re Ltd. USD250,000,000 Series 2013-1 Class A Principal At-Risk Variable Rate Notes were priced at 3.75 percent above the yield on the underlying money market fund collateral. The Notes are rated BB(sf) by Standard & Poor's and Risk Management Solutions, Inc. provided the risk analysis for the transaction. [Editorial queries for this story should be sent to email@example.com ] ((Comments on this story may be sent to firstname.lastname@example.org ))
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