Business Services Industry
PXRE Group uses cat bond for windstorm, quake risks.(News)
Business Insurance, November, 2005 by Greenwald, Judy
Byline: JUDY GREENWALD HAMILTON, Bermuda-PXRE Group Ltd. has obtained $300 million worth of catastrophe reinsurance coverage through a cat bond issued on its behalf by a special purpose vehicle. The cat bond issued by Cayman Island-based Atlantic & Western Re Ltd. is designed to protect Hamilton, Bermuda-based PXRE from three types of catastrophes: Eastern and Gulf Coast hurricanes, California earthquakes and northern European windstorms.
The reinsurance provides two layers of protection to PXRE over the next five years. The first layer provides $200 million of coverage for the hurricane, windstorm and quake losses, while the second layer provides an additional $100 million of coverage for hurricane and windstorm losses. The reinsurance coverage is...
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