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This will be the second Purple Re cat bond from the Floridian carrier. -
The bond will provide cover for US named storm and earthquake events in all 50 US states.
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The bond will provide indemnity, annual aggregate coverage for earthquakes in the state of California.
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The US mutual is seeking named storm coverage for seven north-eastern US states.
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The bond covers European windstorm events across 12 European countries.
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The bond covers named storm, severe thunderstorm and winter storm in the Commonwealth of Massachusetts.
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The reinsurer launched the cat bond as its first entry to the cat bond market seeking an alternative to retro.
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The structure envisages bringing in philanthropic capital to provide project funding to mitigate disaster risk as part of ILS deals.
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The target limit on the bond was recently expanded by 20% to $150mn.
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The bond will provide indemnity, per-occurrence coverage for named storm across 13 states in the US northeast.
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The reinsurer launched the cat bond in late May in a first-time entry to the cat bond market.
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The state authority is seeking annual, aggregate quake coverage in California.
