The Chicago Mercantile Exchange announced today that it will launch hurricane index futures and options products starting March 12.
The underlying indexes will be calculated by Carvill, a leading independent reinsurance intermediary in specialty reinsurance that tracks and calculates hurricane activity.
"These new CME Hurricane contracts will provide an additional way to help address the needs of the insurance industry and other markets," said Felix Carabello, CME Director of Alternative Investment Products.
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