Allianz Risk Transfer Limited in Bermuda said it has successfully closed an innovative $120 million catastrophe bond to transfer the risk of U.S. hurricanes in southeastern coastal areas.
The company said the issue is part of an open-ended program and is the first series of notes issued by Blue Coast Ltd., a special purpose vehicle launched for the benefit of the Allianz Risk Transfer group (ART), a subsidiary of Munich-based Allianz Global Corporate & Specialty.
Chris Fischer Hirs, ART chief executive officer, said in a statement, "Cat bonds offer us a valuable tool to manage residual retained risk in our proprietary and client books."
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