Sector developments and company hires

Red Cross in humanitarian cat bond first
The first-ever humanitarian catastrophe bond covering pure volcanic eruption risk has been completed using a Guernsey ILS structure. Sponsored by the Danish Red Cross, the US$3m issuance was privately placed by Replexus and Howden Capital Markets via Dunant Re IC, an incorporated cell of Replexus ICC (Guernsey), which is managed in Guernsey by Aon Insurance Managers. The bonds were settled using Replexus’ blockchain-based ILS platform, dubbed the ILSBlockchain.

The cat bond covers the risk of eruption of 10 volcanoes across three continents and the proceeds will be used to support humanitarian aid in the aftermath of an eruption. Initial investors in the issuance included Plenum Investments, Schroder Investment Management and Solidum Partners.

In other news…

EMEA
Tikehau Capital has appointed Simon Males to lead its UK institutional business, based in London. Males will work closely with Carmen Alonso, head of UK, and Frederic Giovansili, deputy ceo of Tikehau Investment Management and global head of sales, marketing and business development. He is tasked with strengthening the firm’s relationships with UK institutional investors, as well as the consultant and fiduciary management community. Most recently, Males founded Carrick Roads Capital, an institutional consulting and capital-raising firm.

Global receivables programme inked
Finacity Corporation has provided origination, analytic and structuring support for a US$2.09bn global securitisation programme for one of the world’s leading container shipping and logistics group. The programme is based on the integration and expansion of the group’s existing receivables funding facilities. Backed by both billed and unbilled receivables, the multi-bank securitisation incorporates 61 agencies, over 180 collections offices, 30 currencies, four enterprise resource planning systems and 68 obligor countries and selling jurisdictions. Finacity serves as the ongoing administrator and back-up servicer for the programme.

North America
Annaly Capital Management has elected Eric Reeves, md, head of private capital investments of Duchossois Capital Management and general counsel & secretary and chief administrative officer of The Duchossois Group (TDG), as an independent member of its board. He has been appointed to the board’s nominating/corporate governance and corporate responsibility committees. Reeves has worked at TDG since 2007 and was formerly a law partner of McDermott, Will & Emery and a corporate attorney at Jones Day.