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Bermudian (re)insurer Max Capital Group has purchased two seasonal maximum hurricane derivative contracts for North Atlantic and Florida wind on the Chicago Mercantile Exchange (CME) which are based on the Carvill Hurricane Index (CHI).

The contracts, which RK Carvill joint CEO John Cavanagh describes as "equivalent to first event industry loss warranty (ILW) contracts," provide Max with protection if the wind in the North Atlantic or Florida exceeds triggers set using the proprietary CHI.

Through this first set of CHI...

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  Max Capital in first Carvill hurricane derivative trade
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