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Bermudian start-up Mercury Capital has done its second cat bond 'lite' deal through a $35bn US wind industry loss warranty (ILW).

Mercury gained enough seed funding from Lloyd's insurer Ark Syndicate Management to begin underwriting a handful of deals earlier this year, as previously reported by Trading Risk.

The US wind deal followed the same structure as its first Japanese earthquake deal, with Mercury underwriting a fully collateralised ILW that was then transformed into note format and bought back by...

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