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Swiss Re provides first parametric cover for US state fund

27 July 2010

Reinsurer Swiss Re has signed a three-year deal providing the Alabama State Insurance Fund with hurricane cover, in the first US state government reinsurance contract to use parametric triggers.

The deal follows other parametric-based transactions Swiss Re has inked in Mexico - with the $290mn MultiCat Mexico cat bond programme - and the Caribbean, where it is the lead reinsurer of the Caribbean Catastrophe Risk Insurance Facility.

Swiss Re declined to provide details on the level of cover provided to...

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