Business Services Industry
Hiscox buys cat bond for U.S. quake risks.(Brief Article)
Business Insurance, April, 2002 by Veysey, Sarah
LONDON-Hiscox Syndicates Ltd. has purchased a catastrophe bond to protect its Lloyd's of London syndicate 33 against earthquake risks in the United States. The $33 million of catastrophe risk-linked notes provide syndicate 33 with protection against earthquakes in California and the New Madrid seismic region, Hiscox said.
The cat bond, which covers a three-year period beginning April 9, 2002, is the first such securitization deal to be used by a syndicate at Lloyd's, according to Hiscox. The deal was structured and underwritten by Aon Capital Markets, the investment-banking arm of Aon Corp. The notes were issued by Bermuda-domiciled St. Agatha Re Ltd., a reinsurance company established for the transaction. Charles Arthur, Hiscox's alternative risk transfer...
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