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Axa XL, the reinsurance unit of French insurer Axa SA, is sponsoring a Galileo Re Ltd.) catastrophe bond transaction that could be worth at least $400 million, Artemis reports. The cat bond covers U.S., Puerto Rico and Virgin Islands named storms, U.S. earthquakes, Canada earthquakes, U.S. severe thunderstorms, European windstorms, Australian tropical cyclones, and Australian earthquake risks.