Monte Carlo, 09/09/2013 – Aon Benfield Securities, the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield, today announced that it has successfully completed the offering of USD300 million of principal at-risk variable rate notes for Nakama Re Ltd.

The offering provides Zenkyoren, the National Mutual Insurance Federation of Agricultural Cooperatives, with collateralized catastrophe protection for Japan earthquake risk.  Nakama Re Ltd. was structured to provide indemnity coverage and marks the first time Zenkyoren has sponsored a catastrophe bond directly.

Yoichi Azuma, General Manager of Reinsurance Office at Zenkyoren, said: “We are very pleased with the successful completion of the catastrophe bond issuance by Nakama Re Ltd.  We would like to consider utilizing the capacity from the catastrophe bond market continuously to expand our reinsurance program in a sustainable way.”

Aon Benfield Securities was the sole book runner and sole placement agent for the Rule 144A transaction.

Paul Schultz, Chief Executive Officer of Aon Benfield Securities, said: “The offering by Nakama Re Ltd. was very well received by investors, demonstrating the importance of diversifying perils to the market, as well as the continuing development of non-U.S. indemnity structures in the catastrophe bond market.”

The notes were issued by Nakama Re Ltd., an exempted company in Bermuda, which was established for this transaction.  AIR Worldwide Corporation provided the risk modeling and analysis for this transaction.  The notes were priced at 2.75 percent above money market return with a maturity of three years and rated BB+(sf) by Standard and Poor’s.

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About Aon Benfield Securities

Aon Benfield Securities, Inc. and Aon Benfield Securities Limited (collectively, “Aon Benfield Securities”) provide insurance and reinsurance clients with a full suite of insurance-linked securities products, including catastrophe bonds, contingent capital, collateralized reinsurance, industry loss warranties, sidecars and derivative products. As a recognized leader in this investment banking market, Aon Benfield Securities is helping to redefine capital by offering underwriting and placement of new issues, financial advisory services, as well as securities trading in the secondary market. Aon Benfield Securities’ integration with Aon Benfield Inc’s reinsurance operation expands its capability to provide analytics, modeling, rating agency, and other consultative services.  Aon Benfield Inc., Aon Benfield Securities, Inc. and Aon Benfield Securities Limited are all wholly-owned subsidiaries of Aon plc.  Securities advice, products and services are offered solely though Aon Benfield Securities, Inc. and/or Aon Benfield Securities Limited.

In the U.S., investment banking and securities products and services are offered through Aon Benfield Securities, Inc., a registered broker dealer and a member of FINRA and SIPC.  Aon Benfield Securities Limited is authorized and regulated in the U.K. by the Financial Conduct Authority.

About Aon Benfield

Aon Benfield, a division of Aon plc, is the world’s leading reinsurance intermediary and full-service capital advisor. We empower our clients to better understand, manage and transfer risk through innovative solutions and personalized access to all forms of global reinsurance capital across treaty, facultative and capital markets. As a trusted advocate, we deliver local reach to the world’s markets, an unparalleled investment in innovative analytics, including catastrophe management, actuarial and rating agency advisory. Through our professionals’ expertise and experience, we advise clients in making optimal capital choices that will empower results and improve operational effectiveness for their business. With more than 80 offices in 50 countries, our worldwide client base has access to the broadest portfolio of integrated capital solutions and services. To learn how Aon Benfield helps empower results, please visit aonbenfield.com.