Article summary
Lloyd's of London has issued the first 144A catastrophe bond on its risk transformation platform London Bridge 2 PCC Limited. The indemnity reinsurance coverage provides multi-year protection for named storm and earthquake events affecting the US, Canada and parts of the Caribbean. The transaction, sponsored by Beazley, brings the aggregate issuance of securities to institutional investors by the London Bridge vehicles to approximately US$750m, across 13 cells.
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