Reinsurers back Zurich quake bond
Munich Re and Swiss Re have acted as joint lead structuring agents in a $270m (£166m) catastrophe bond transaction that transfers North American earthquake risk to the capital markets, on behalf of Zurich Insurance Group.
The three-year bond was issued by Bermuda-registered Lakeside Re III, replacing the expiring $225m Lakeside Re II transaction issued in December 2009.
The bond has a variable rate of interest based on
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