Mini-catastrophes Cost Insurers $100 Billion
Although 2005 was marked by no major catastrophes, there were an unusually large number of both tropical storm and thunderstorm systems throughout the summer and early autumn, as well as a series of moderate earthquakes in the Northeast, Midwest, and California.
As the hurricane season came to a close, broker X and reinsurer Y launched a new securitization deal that links dozens of small insurers to shed catastrophe and investment risk.
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