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International

XL Catlin to upsize Galilei Re cat bonds to nearly $1.3 billion

December 22, 2016 Reprints

XL Catlin plans to increase its twin catastrophe bond issue by 28% to $1.275 billion, Artemis.bm reports. The Galilei Re Ltd. (Series 2016-1) and Galilei Re Ltd. (Series 2017-1) cat bonds will provide collateralized retrocessional reinsurance protection for losses from U.S. named storms, U.S. earthquakes, European windstorms, Australian tropical cyclones and Australian earthquakes. XL Catlin was targeting $1 billion of reinsurance and retrocession from the bonds earlier.

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XL Catlin to upsize Galilei Re cat bonds to nearly $1.3 billion

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