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First European quake indemnity cat bond launched

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Azzurro Re I Ltd., a €150 million ($163.9 million) earthquake catastrophe bond has been launched, reported Artemis.bm.

The cat bond sponsored by Italian insurer UnipolSai Assicurazioni S.p.A. is set to become the first securitization of earthquake risks in Europe on an indemnity basis.

The cat bond would protect the insurer against losses from quakes occurring in metropolitan France, Austria, Italy, Switzerland, Corsica, Monaco and Slovenia.

The cat bond would provide protection for a term of 3.5 years.

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