French mutual insurer launches European windstorm cat bond

France-based Covea Mutual Insurance Group Co. has launched a catastrophe bond that will provide €90 million ($107 million) of fully-collateralized reinsurance protection against windstorms across France, Andorra and Monaco, reports citing sources. The Hexagon Reinsurance cat bond will cover Covea Group’s insurers including MMA IARD S.A., MAAF Assurances S.A. and GMF Assurances against losses from European windstorms across a four-year term. The reinsurance protection will be provided on an indemnity trigger and annual aggregate basis, sources said.

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