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French-based insurer Axa has become the first sponsor to bring a cat bond issuance in the fourth quarter with a new Calypso Capital offering covering European wind risk.

Axa Global P&C is seeking to raise EUR100mn from the deal, which will provide the firm with weighted industry loss reinsurance cover based on the Perils index.

The three-year cover will trigger on a windstorm causing Axa a loss of more than EUR1.5bn as calculated by the weighted industry loss data.

The...

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