Japanese insurance giant Sompo has listed a $480 million catastrophe bond on the Bermuda Stock Exchange.

The BSX announced the Aozora Re 2017-1 issuance’s admission for listing yesterday.

The bond will provide Sompo with a four-year source of collateralised Japanese typhoon reinsurance protection, according to the Artemis.bm website, which tracks insurance-linked securities activity.

“We understand that the Japanese typhoon risks covered by the deal include losses caused by typhoon winds, flood, storm surge and also related perils of hail and tornado that can occur during a typhoon event,” Artemis reported, adding that its sources said the bond would pay investors a coupon of 2 per cent.

The announcement comes a day after Sompo announced the completion of its $6.3 billion takeover of Bermudian insurer and reinsurer Endurance Specialty Holdings.

In a related development, Sompo became the ultimate parent holding company of Blue Capital Management Ltd on the closing of the Endurance deal. The Japanese company now owns a 28 per cent stake in Blue Capital, the Bermudian firm said in a statement through the BSX yesterday.