German insurer Allianz is planning a new $150 million catastrophe bond, the fourth such transaction this year, according to market reports.

The bond will be the second deal issued from Allianz's €1 billion ($1.31 billion) Cayman Islands-based Blue Fin shelf program. The program covers its Allianz Argos 14 unit against U.S. hurricane and earthquake losses until April 2012.

The deal is being arranged by Goldman Sachs and Aon Benfield Securities and will be placed privately with institutional investors. Standard & Poor's assigned a preliminary ‘BB-‘ rating to the deal last week.

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