AXA Global P&C announces the successful placement of €350 million of catastrophe bonds

PR Newswire/Les Echos/ 
AXA
PRESS RELEASE 
AXA Global P&C announces the successful placement of EUR350 million of 
catastrophe bonds 
AXA Global P&C announced today the successful placement of EUR350 million of 
catastrophe bonds to institutional investors, the largest issuance of 
catastrophe bonds in euros so far. There are two classes of notes: the Class A 
notes, for an amount of EUR185 million maturing in January 2017, and the 
Class B notes, for an amount of EUR165 million maturing in January 2018, each 
class providing protection on different risk levels. 
Following the 2010 and 2011 issuances, this new transaction has been
structured through a new Irish Special Purpose Vehicle (Calypso Capital II
Limited) providing AXA Global P&C with two fully collateralized, multiyear
protections against extreme European windstorm risk in Belgium, Denmark, France
(excluding French overseas territories), Germany, Ireland, Luxembourg, the
Netherlands, Norway, Sweden, Switzerland and the United Kingdom. 
The bonds use a PERILS index trigger structure based on insured industry 
losses reported by PERILS after the occurrence of a European windstorm event. 
The spread to be paid by AXA Global P&C during the risk period has been set 
initially at 260 basis points per annum for the Class A notes, and at 290 basis
points per annum for the Class B notes. A new "variable reset" mechanism has 
been included allowing AXA Global P&C, for each new risk period, to adjust the 
protection levels within predefined ranges with the spread being revised 
accordingly as predetermined at issuance. 
"This issuance con firms AXA's strategy to diversify the Group's cover against 
natural catastrophes, by both traditional reinsurance and alternative risk 
transfer such as catastrophe bonds. With the development of the cat bonds 
market, it is now possible to issue more flexible instruments addressing more 
efficiently the protection needs of the Group", said Philippe Derieux, 
Deputy CEO of AXA Global P&C and Group Reinsurance Officer. 


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AXA Global P&C is a transversal unit of the AXA Group, in charge of defining 
and coordinating strategy and action plans for its property & casualty 
operations across the world. This mission includes the management of 
reinsurance and protection programs for the property & casualty businesses of 
the AXA Group. 
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The AXA Group is a worldwide leader in insurance and asset management, with 
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ABOUT PERILS 
PERILS is an independent industry organization aimed at improving the 
availability of catastrophe insurance market data. PERILS' industry data are 
based on information received from insurance companies writing business in the
territories covered by PERILS (http://www.perils.org/). 
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-0- Oct/16/2013 07:17 GMT
 
 
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