Covéa windstorm trade a first for European cat bond market
Covéa Mutual Insurance Group has issued its debut catastrophe bond, a four year €90m deal to protect its French subsidiaries against losses from European windstorms.
The 144A security was also the first European indemnity-trigger catastrophe bond using an annual aggregate approach to measuring losses.
Some bonds are tied to a specific catastrophic event, whereas others are based on the aggregate amount of damage caused by a particular type of catastrophe.For indemnity-trigger bonds the ...
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