Amlin, a UK reinsurance company, has issued a $200 million catastrophe bond. The deal, Tramline Re II, transfer the risk of catastrophic damage from US named storm, US earthquake and European windstorm perils.
It brings total issuance of catastrophe bonds and other insurance-linked securities for 2014 to $8.718 billion, and puts outstandings at a record $25 billion, according to Artemis. By comparison, at the end of 2013 there was $20.5 billion outstanding.
Tramline Re provides Amlin with protection over a four year period beginning Jan. 1 2015. The coverage attaches on an index loss basis equivalent to $500 million. It replaces a coverage provided from Tramline Re, which was placed in 2010 and expires Dec. 31 2014.