Amlin gets ready for earthquake, wind and hurricane

23rd Dec 2011 07:39

Amlin, the insurance company, has increased its own coverage against hurricanes and earthquakes in the US and windstorm peril in Europe through a $150m bond.The deal has seen Bermudian company Tramline Re take on the re-insurance contract then package it up into "principle-at-risk" three-year variable rate notes or bonds. The proceeds from these notes will make up the collateral for Tramline Re's obligations to Amlin.Charles Philipps, Chief Executive of Amlin, said: "The protection afforded under this bond will complement our traditional reinsurance programme and protect the group from frequency of major catastrophe losses."Amlin shares have fallen 24% so far this year.BS