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French mutual insurer issues European windstorm cat bond


France-based Covea Mutual Insurance Group Co. has issued a €90-million ($106 million) catastrophe bond, which provides reinsurance cover against windstorm losses, reports. The Hexagon Reinsurance DAC cat bond provides Covea Group subsidiaries with reinsurance protection against losses from European windstorms striking France, Andorra and Monaco. "This is the first indemnity trigger, aggregate basis cat bond issuance addressed specifically at covering windstorm across Metropolitan France," said Pierre Michel, head of group reinsurance at Covea. 

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