Pool Re to issue first cat bond for terror risk

Posted On: Jan. 15, 2019 5:42 AM CST

U.K.-based Pool Reinsurance Co. Ltd. is issuing the first terrorism risk catastrophe bond worth £75 million ($97 million) to tap into the capital markets for retrocession, Artemis.bm reports citing sources. The cat bond will protect against terror attacks including cyber terrorism, property risk and business interruption. The cat bond covers the U.K. mainland and the duration is for three years starting March 1.