Farmers Insurance Group® Closes $400 Million Multi-Year, Multi-Peril Catastrophe Bond [Yahoo! Finance]
ZURICH INS GROUP S/ADR (ZURVY)
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Source: Yahoo! Finance
the Farmers Insurance Group ® ("Farmers"), have successfully closed a $400 million catastrophe bond completed through Topanga Re Ltd. ("Topanga Re"). Farmers ® entered into a multi-year reinsurance arrangement with Topanga Re, which provides Farmers with indemnity-based coverage. The catastrophe bond is designed to integrate into Farmers' existing traditional catastrophe reinsurance program. Topanga Re issued two tranches of notes as part of the offering, $300 million of Series 2025-1 Class A Notes and $100 million of Series 2025-1 Class B Notes. The Class A Notes offer four years of per-occurrence and indemnity trigger protection. The Class B Notes also offer four years of per-occurrence and indemnity trigger protection. Both Classes provide protection against the perils of U.S. named storms, earthquakes, severe weather and fire. "Farmers is pleased to access the capital markets via this catastrophe bond issuance which allows us to diversify our capital sources and manage risk,"
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