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Moody’s Investors Service says Superstorm Sandy could, in a worst-case scenario, cause losses for the Combine Re catastrophe bond.

Combine Re is a $200 million indemnity cat bond issued by Swiss Re in March for the benefit of Country Mutual Insurance Co. and North Carolina Farm Bureau Mutual Insurance. Moody’s says if losses end up being at the high end of current estimates, they will exceed the first loss layer that absorbs net losses before the rated tranches kick in.

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