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Member, Beacon International Group, Ltd.
PARIS—AXA Global P&C has sponsored a €275 million ($382.8 million) catastrophe bond to cover European windstorm risks.
The bond gives AXA three years of coverage of European windstorm losses on an occurrence basis. It uses triggers by specific country and line of business provided by Zurich-based European catastrophe data provider PERILS A.G.
The bond, which closed Monday, was issued by Dublin-based special-purpose vehicle Calypso Capital Ltd., gives AXA Global P&C, a unit of Paris-based AXA S.A., coverage of European windstorm losses in Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Switzerland and the United Kingdom.