Assurant purchases $150m reinsurance through cat bonds
Assurant subsidiaries have entered into reinsurance agreements providing for $150m in multi-year, fully collateralized reinsurance from Ibis Re, a special purpose reinsurance company domiciled in the Cayman Islands.
Ibis Re financed the property catastrophe reinsurance coverage by issuing $150m in catastrophe bonds to qualified institutional buyers. Ibis Re reinsurance consists of two separate layers of coverage
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