Munich Re participates in Caribbean Catastrophe Risk Insurance Facility |
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Fri, 01 Jun 2007 07:54
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MUNICH (Thomson Financial) - Muenchener Rueckversicherungs AG said it is the syndicate leader in reinsuring the Caribbean Catastrophe Risk Insurance Facility (CCRIF), which offers 16 countries in the Caribbean insurance cover against hurricanes and earthquakes.CCRIF, which is launched today, carries losses of up to 10 mln usd itself and obtains additional capacity of 110 mln usd on the international reinsurance and capital markets.In addition, the World Bank is passing on risks of 20 mln usd to Munich Re as part of a 'natural catastrophe swap', the German reinsurer said.Munich Re said CCRIF is the first cross-national insurance solution for hurricane and earthquake risks and allows emerging countries to use the capital market to cover natural catastrophe risks.This concept can be exported to other countries and also offers new and profitable business opportunities for Munich Re, management board member Georg Daschner said in a statement.So far, Anguilla, Antigua und Barbuda, Bahamas, Barbados, Belize, Bermuda, the Cayman Islands, Dominica, Grenada, Haiti, Jamaica, St. Kitts und Nevis, St. Lucia, St. Vincent and the Grenadines, Trinidad und Tobago, the Turks und Caicos Islands have subscribed to CCRIF.judith.csaba@thomson.comjcs/jrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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