The Series 2025-1 bond is designed to protect against earthquakes and severe convective storms in Canada. Credit: Prashanth Bala/Shutterstock.

TD Insurance has announced its sponsorship of a new catastrophe bond, Series 2025-1, which will enhance its reinsurance capacity via a multi-year risk transfer of C$150m ($104.5m) for protection against earthquakes and severe linked storms in Canada. 

The proceeds are invested in notes denominated in Canadian dollars from the European Bank for Reconstruction and Development (EBRD).  

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This bond marks the first of its kind in the country, stated TD Insurance. 

TD Insurance said that it is the first Canadian insurer to sponsor a bond dedicated exclusively to catastrophe risks in the country. 

As per the Insurance Bureau of Canada, last year marked the most destructive season on record for insured losses due to severe weather in the country. 

The reinsurance protection provided by the MMIFS Re-issued cat bond will cover earthquakes and severe connected storms in the country on both an indemnity and per-occurrence basis.  

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This coverage will be effective for a three-year term, starting from 17 January 2025 to 31 December 2027. 

TDI was advised by joint bookrunners GC Securities and the insurance-linked securities specialist division of Guy Carpenter, and TD Securities.  

GC Securities also acted as the sole structuring agent. 

TDI president and CEO James Russell said: “At TD Insurance, being there for our customers during their time of need remains our most important focus, and the issuance of a cat bond helps ensure we can continue to protect them when it matters most.  

“At a time of increasing costs, we are always looking for ways to provide the best possible pricing to our customers, and this new bond is another tool at our disposal.” 

TD Insurance represents a group of companies including Security National Insurance Company, Primmum Insurance Company, TD General Insurance Company, TD Direct Insurance Company and TD Home and Auto Insurance Company.