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ZURICH, Switzerland Swiss Reinsurance Co. has put together what it says is the first insurance-linked securities program to provide flood coverage.
The Zurich-based reinsurer placed the $150 million securitization an offering of notes by Blue Wings Ltd. for Allianz Global Corporate & Specialty A.G., a unit of Allianz S.E.
The multiperil issue is part of a $1 billion program that provides protection against high-severity losses from earthquakes in Canada and the United States, except in California, and river floods in Great Britain.
The Blue Wings program is the first of its kind to cover a flood peril, according to Swiss Re. It pays flood claims based on pre-defined parameters and calculations by modeling firm Risk Management Solutions Inc.
Earthquake claims are triggered if a notional modeled loss exceeds pre-defined attachment points.