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NEW YORK—American International Group Inc.’s Chartis Inc. unit has obtained $575 million of catastrophe reinsurance coverage with Compass Re Ltd., Chartis announced Monday.
The transaction is fully collateralized through a three-tranche catastrophe bond issuance by Pembroke, Bermuda-based special purpose insurer Compass Re.
According to Chartis, the $575 million—more than double the $275 million originally sought by Chartis—will protect the New York-based insurer against U.S. hurricane and earthquake losses through December 2014. The deal closed on Dec. 1.
“We are pleased to be able to again obtain reinsurance supported by capital markets instruments as a mechanism to efficiently supplement and diversify Chartis’ risk management framework,” Chartis CEO Peter D. Hancock said in a statement announcing the transaction.