UnipolSai completes $223 million earthquake cat bond
Posted On: Aug. 14, 2015 12:00 AM CSTItaly-based insurer UnipolSai Assicurazioni S.p.A. has completed the €200 million ($223 million) Azzurro Re, the first catastrophe bond primarily for Italian earthquake risk, reported Reuters.
Azzurro Re was structured and placed by Willis Capital Markets & Advisory, a unit of Willis Group Holdings P.L.C. The cat bond will cover the Italian insurer for three-and-a half years. The bond has been supported by over 20 investors.