Mitsui's cat bond to suffer 100% loss of $200-million principal
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Japan-based Mitsui Sumitomo Insurance Co. Ltd.'s catastrophe bond is likely to record a 100% loss of its $200-million principal after the insurer increased its estimate of Japanese typhoon-related losses, Artemis.bm reports. Switzerland-based fund manager Plenum Investments A.G. said that the aggregate loss from four Japanese storms in 2018 increased to 367 billion Japanese yen ($3.3 billion), above the cat bond's exhaustion point at JPY 360 billion.
