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Listing Makes CEA Cat Bond the First to Be Tradable

A private catastrophe bond has been listed on the Channel Islands Stock Exchange, the first time such a deal has been made fully tradable in the secondary market.

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(Reuters) – A private catastrophe bond has been listed on the Channel Islands Stock Exchange, the first time such a deal has been made fully tradable in the secondary market.

The California Earthquake Authority (CEA) and reinsurance firm Solidum Partners set up a special purpose vehicle (SPV) in Guernsey to issue cat bond notes through a transformer reinsurance contract.

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