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."

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.