Brit agrees $200m cat bond swap deal
Brit Insurance has entered a three-year catastrophe swap contract with Fremantle, a Cayman Islands exempted company, that would pay it up to US$200m in the event of four to nine qualifying natural catastrophes.
Fremantle will pay BIL US$40m for each of the 4th and 5th events and US$30m for each of the 6th to 9th events. The first three events are excluded. Fremantle was formed solely for issuing loan notes
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