EQC enters catastrophe bond market

Christchurch central police station was demolished after the Canterbury earthquake. (Image: Getty)

Thu, 01 Jun 2023

New Zealand crown entity Toka Tū Ake EQC has secured a record level of reinsurance and entered the catastrophe bond market for the first time.It now holds just under $8.2 billion in reinsurance cover, an increase of about $800 million from the previous year, of which $225m is in catastrophe bonds.Chief executive Tina Mitchell said EQC was expanding and diversifying its sources for risk capital to further protect the crown’s balance sheet.She said traditional reinsurance has to be renewed each year, while catastrophe bond agreements are ty...

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