HCMA advises on launch of Turris Re Ltd., Israel’s inaugural catastrophe bond
Howden Capital Markets & Advisory (“HCMA”) is pleased to announce its role as Sole Structuring Agent and Sole Bookrunner for Turris Re Ltd., Israel’s first catastrophe bond, which is intended to expand Migdal's capital sources for earthquake risk management. The transaction introduces a new source of risk-transfer capacity to the Israeli market and reflects HCMA’s leadership in delivering innovative capital-markets solutions to clients globally.
The issuance supports Migdal Insurance and Financial Holdings Ltd. in its strategy to diversify capital sources and build long-term engagement with the global Insurance-Linked Securities (ILS) investor community. It also demonstrates the growing relevance of alternative capital in expanding insurers’ resilience and protection options.
A milestone partnership with Migdal
HCMA advised Migdal across the full lifecycle of the transaction — from evaluating market feasibility and structuring the bond to engaging investors and final execution. The success of Turris Re Ltd. marks a meaningful expansion of the tools available to the Israeli insurance market.
Mitchell Rosenberg, Managing Director, Global Co-Head of Insurance-Linked Securities at HCMA, commented: “This inaugural cat bond represents a major step forward for the Israeli insurance sector and a meaningful expansion of risk-transfer options available to domestic institutions. Migdal’s leadership in embracing capital-markets solutions has set a strong precedent, and the high-quality engagement from ILS investors underscores their confidence in both Migdal’s risk management capabilities and the long-term potential of Israel as an emerging ILS region.”
Elad Shelef, Managing Director, Howden Re Isreal, said: “This achievement represents true innovation for the Israeli market, broadening and diversifying the capital base behind earthquake risk. We are proud to have supported Migdal, and it is no coincidence that Howden Re, through HCMA, is leading this change by challenging the status quo. This is only the beginning of Israel’s adoption of solutions that bridge reinsurance and the capital markets.”
Jarad Madea, CEO, Howden Capital Markets & Advisory, added: “We are proud to have supported Migdal on this milestone transaction. Turris Re Ltd. showcases HCMA’s structuring and execution expertise, and the value we bring to clients seeking innovative access to the capital markets. This outcome was strengthened by the close collaboration between Howden Re and HCMA, reflecting the integrated approach we bring to delivering innovative solutions. Our team continues to set the standard for ILS advisory, and we remain committed to helping insurers broaden their risk-transfer options, strengthen resilience and realise the benefits of alternative capital. This transaction is an important development for Israel and a strong example of the work HCMA is delivering across global markets."
Our team continues to set the standard for ILS advisory. We are committed to helping insurers broaden their risk-transfer options, strengthen resilience and realise the benefits of alternative capital. This transaction is an important development for Israel and a strong example of the work HCMA is delivering across global markets.”
Turris Re Ltd. creates a new pathway for Israeli institutions to engage with the global ILS market and lays the groundwork for further innovation in the region.
HCMA congratulates Migdal and all those involved in bringing this landmark transaction to market.