NU Online News Service, Jan. 6, 11:13 a.m. EST

Swiss Re has obtained $150 million in catastrophe bond protection against the risk of a California earthquake, the company announced.

The Zurich-based company said it entered into a transaction with Redwood Capital XI Ltd. to receive up to $150 million of payments in the event of a California earthquake in the covered area that meets specific trigger criteria. The transaction covers a one-year risk period ending Dec. 30, Swiss Re said.

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