Insurance broker Benfield, based in London, and New York-based investment firm Merrill Lynch said they have formed a partnership to offer insurers and reinsurers catastrophe bonds.
Catastrophe bonds are an alternative means of raising capital for reinsurers through the investment market. As defined by the terms of the bond, investors get their assets back, plus interest, depending on how much, if any, of the bond is triggered.
Rob Bredahl, chief executive of Benfield Advisory, said in an interview that this one-year collaboration is aimed at bringing the unique expertise of a reinsurance broker and an investment banking firm together.
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