Sector developments and company hires

Peak Re has closed a US$150m 144a catastrophe bond via Black Kite Re, marking the first-ever such deal issued by a Hong Kong special purpose insurer. The cat bond is also expected to be the first to utilise the Pilot Insurance-linked Securities Grant Scheme introduced by the Hong Kong government last year (SCI 4 May 2021).

As part of the transaction, Peak Re has entered into a retrocession arrangement with Black Kite Re, providing the company with multi-year protection against typhoon risk in Japan. The deal attracted significant investor interest and was upsized by 100%.

GC Securities acted as structuring agent and bookrunner, while Mercer Investments (HK) acted as advisor and co-manager with respect to qualified Hong Kong investors.

In other news…

EMEA

DWS Group has appointed Stefan Hoops as its new ceo, following the resignation of Asoka Woehrmann. The news heeds investigations into the firm’s operations in Germany by the financial watchdog BaFin and in the US, by the US SEC, after the former DWS head of sustainability allegedly made claims the firm had sold investments as more sustainable than they were. While DWS has denied the greenwashing allegations, Woehrmann has agreed with the firm to resign at the end of its Annual General Meeting on 9 June, with Hoops taking over the role of ceo effective from 10 June. Hoops joined Deutsche Bank in fixed income sales in 2003 and takes on the new role, having most recently served as head of Deutsche Bank’s corporate bank, covering all of its corporate and client activities.

Jefferies has appointed Mark Collier md and EMEA head of securitisation. He was previously cio EMEA ABS and residential financing and co-head of ESG for global spread products at Citi, which he joined in September 2006. Before that, Collier worked at Deutsche Bank and Linklaters.

North America

Leucadia Asset Management has entered into a strategic relationship with credit opportunities investment group, Pearlstone Alternative. The transaction will also be accompanied by Leucadia providing seed capital and distribution services to Pearlstone. Leucadia hopes partnering with the 2021-founded fundamental credit investments and special solutions-focused Pearlstone will open up access to European credit investment opportunities.

Vida Capital welcomes Jeffrey Zinn to the firm in New York as md in private credit. Zinn joins the firm after spending four years serving as head of business development for the Special Assets Fund at Flexpoint Ford, and brings more than 27 years of industry experience to the role. In his new role, Zinn will focus on supporting sourcing, direct lending, esoterics, and private credit transactions by driving strategic business partnerships, and will report directly to senior private credit md, David Gussmann.