Japanese mutual insurer launches $250-million cat bond
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Japan-based National Mutual Insurance Federation of Agricultural Cooperatives has issued a new $250-million catastrophe bond for collateralized earthquake reinsurance protection, Artemis.bm reports citing sources. The mutual insurer is looking to secure at least $250 million of aggregate reinsurance coverage. The perils covered include earthquake, tsunami, fire, flood and sprinkler related water damage. The cat bond provides coverage until 2023, with three overlapping risk periods of three years each.
