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HAMILTON, Bermuda-- Catlin Insurance Co. Ltd., the Bermuda-based subsidiary of Catlin Group Ltd., has developed an insurance and reinsurance product to cover acts of nuclear, chemical, biological or radiological terrorism.
Catlin Bermuda will restrict cover to events that occur within a specified geographic area that is pre-defined by the buyer or cedant.
This restriction, Catlin said, allows it to offer the cover that typically is excluded by many insurers and reinsurers.
Catlin said the cover can be used to supplement the state-backed terrorism insurance mechanisms that exist in several countries.