For the most part, all the talk a few years ago about securitizing terrorism risk remained just that - talk. New developments, and an indirect reference, could help these deals along.

Swiss Re, a prolific issuer of bonds covering property damage from earthquakes and hurricanes, recently completed its first securitization linked to life insurance. The $400 million deal covers extreme mortality risk in certain scenarios, such as epidemics and nuclear, chemical or biological attacks.

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