PR Newswire/Les Echos/
AXA Global P&C announces the successful placement of EUR350 million of
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.
does not constitute an offer to sell or the solicitation of an offer to buy
the securities mentioned herein in any jurisdiction in which such an offer or
solicitation is ille gal. The securities mentioned herein have not been, and
will not be, registered under the United States Securities Act of 1933, as
amended (the "Securities Act'), and may not be offered or sold in the United
States except pursuant to an exemption from the registration requirements of
the Securities Act.
In the United-Kingdom, this communication is only being
distributed to and is only directed at persons (I) who are investment pro
fessionals falling within article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order') or (II)
who are high net worth entities, or other persons to whom it may lawfully be
communicated, falling within article 49(2)(a) to (d) of the Order (all such
persons together being referred to as "Relevant Persons"). Any person who is
not a Relevant Person must not act or rely on this communication or any of its
contents. Any investment or investment activity relating to the Offering and/or
the Securities is available only to Relevant Persons and will be engaged in
only with Relevant Persons.
ABOUT AXA GLOBAL P&C
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.
ABOUT THE AXA GROUP
The AXA Group is a worldwide leader in insurance and asset management, with
160,000 employees serving 102 million clients in 57 countries. In 2012, IFRS
revenues amounted to Euro 90.1 billion and IFRS underlying earnings to
Euro 4.3 billion. AXA had Euro 1,116 billion in assets under management as of
December 31, 2012.
The AXA ordinary share is listed on compartment A of Euronext Paris under the
ticker symbol CS (ISN FR 0000120628 - Bloomberg: CS FP - Reuters : AXAF.PA).
AXA's American Depository Share is also quoted on the OTC QX platform under the
ticker symbol AXAHY.
The AXA Group is included in the main international SRI indexes, such as
Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
It is a founding member of the UN Environment Programme's Finance Initiative
(UNEP FI) Principles for Sustainable Insurance and a signatory of the
UN Principles for Responsible Investment.
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/).
THIS PRESS RELEASE IS AVAILABLE ON THE AXA GROUP WEBSITE
Investor Relations: +184.108.40.206.46.85
Mattieu Rouot: +220.127.116.11.46.85
Jennifer Lejeune: +18.104.22.168.39.27
Yael Beer-Gabel: +22.214.171.124.47.93
Florian Bezault: +126.96.36.199.59.17
Varvara Romanenco: +188.8.131.52.73.63
Individual Shareholder Relations: +184.108.40.206.48.43
Media Relations: +220.127.116.11.46.74
Garance Wattez-Richard: +18.104.22.168.46.42
Guillaume Borie: +22.214.171.124.49.98
Hélène Caillet: +126.96.36.199.55.51
IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING
Certain statements contained herein are forward-looking statements including,
but not limited to, statements that are predictions of or indicate future
events, trends, plans or objectives. Undue reliance should not be placed on
such statements because, by their nature, they are subject to known and unknown
risks and uncertainties. Please refer to the section "Cautionary statements"
in page 2 of AXA's Document de Référence for the year ended December 31, 2012,
for a description of certain important factors, risks and uncertainties that
may affect AXA's business. AXA undertakes no obligation to publicly update or
revise any of these forward-looking statements, whether to reflect new
information, future events or circumstances or otherwise.
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-0- Oct/16/2013 07:17 GMT
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