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UK Reinsurer Issues World's 1st Terrorism Catastrophe Bond

Law360, London (February 26, 2019, 5:52 PM GMT) -- The world’s first catastrophe bond to cover the risk of terrorism has been issued in Britain, a reinsurer announced Tuesday, in a major test of regulations designed to help London crack the lucrative trade in insurance-linked securities.

Pool Reinsurance Co. Ltd., the country’s state-backed terrorism reinsurer, said it has placed the £75 million ($99 million) bond, which is the second catastrophe bond to be issued in Britain.

The U.K. introduced a new regulatory framework in late 2017 to help the country break into the ILS trade, which could be worth £87 billion by 2019, according to a study by the University...

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