Generali issues $228 million multiperil European cat bond
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Italian insurer Assicurazioni Generali S.p.A. has issued a multiperil European catastrophe bond securing €200 million ($228.1 million) of coverage for four years, GC securities said Monday.
Lion II Re DAC, domiciled in Ireland, will provide four years of per-occurrence indemnity protection for Europe windstorms and Europe flood for selected European countries and for earthquakes affecting Italy, GC Securities, a division of MMC Securities L.L.C., said in a statement.
“This transaction was optimized to match Generali's specific needs to the current appetite of capital markets investors while also matching the rest of the risk transfer program with the strengths of the traditional reinsurance market,” James Nash, CEO of Guy Carpenter International, said in the statement.
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