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Financings

TD Insurance Successfully Sponsors second Cat Bond with Closing of MMIFS Re Ltd. Series 2026-1

By The Northwire Desk — AI Analysis Jan 29, 2026 · 07:00 TD · 126.9 TORONTO-DOMINION BANK (THE)
TD · Price

Executive Summary

  • TD Insurance successfully sponsored its second catastrophe bond (Series 2026‑1), providing C$115 million of aggregate reinsurance protection for Canadian natural‑disaster perils.
  • The three‑year bond, effective 9 Jan 2026 through 31 Dec 2028, covers named storms, earthquakes, severe convective storms, winter storms and wildfires on an indemnity and annual‑aggregate basis.
  • Proceeds will be invested in CAD‑denominated European Bank for Reconstruction and Development (EBRD) notes; the bond was structured and underwritten by GC Securities (joint bookrunner) and TD Securities.

Key Details

  • Bond Size & Coverage: C$115 million aggregate protection against specified catastrophe perils.
  • Term: 3 years – effective 9 Jan 2026 to 31 Dec 2028.
  • Investment of Proceeds: Allocated to CAD‑denominated EBRD notes.
  • Structure & Underwriting: Joint bookrunners GC Securities (division of MMC Securities) and TD Securities; GC Securities also acted as sole structuring agent.
  • Purpose: Augment reinsurance capacity for TD Insurance’s Canadian subsidiaries, helping manage rising disaster costs and maintain competitive pricing.
  • Historical Context: This is TD Insurance’s second cat‑bond; the first was issued in 2025, making TD the first Canadian insurer to sponsor a catastrophe‑focused bond.
  • Stakeholder Quote (CEO): James Russell emphasized the responsibility to protect clients from natural disasters and highlighted the bond’s role in managing cost pressures.
  • Stakeholder Quote (TD Securities CEO): Tim Wiggan noted the joint bookrunner’s continued support for resilience‑building through innovative capital‑market solutions.

Notable Quotes

“Natural disasters can have devastating impacts on Canadians… Protecting our clients … is a responsibility we take very seriously.” – James Russell, President & CEO, TD Insurance

“We are proud to have served again as joint bookrunner on this second catastrophe bond to continue building resilience in communities against severe weather events.” – Tim Wiggan, President & CEO, TD Securities

Read the original news release →

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