Allianz Global Corporate and Specialty said a new catastrophe bond it is issuing will cover $150 million of severe river flood risk in Great Britain, along with earthquakes in Canada and the United States, excluding California.
The deal represents part of a $1 billion program of Blue Wings Ltd, a special purpose vehicle launched for the benefit of Allianz Global.
The transaction will be fronted by Swiss Re, which also acted as arranger and lead manager, Allianz said.
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