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The recently completed issuance of a debut Taranis Reinsurance DAC 2023 catastrophe bond for Crédit Agricole subsidiary insurer Pacifica was part of a drive to add more diversification to its reinsurance program, the company said this morning.
Pacifica is a property and casualty insurance subsidiary of Crédit Agricole Assurances and the company entered the cat bond market for the first time in early November, as we’ve reported.
With the Taranis Re cat bond, Pacifica had an initial goal to secure €150 million or greater source of reinsurance across a four year term through the end of 2027, to protect it against losses from windstorms and hail storm events affecting France, Monaco and Andorra.
In the end, the Taranis Re cat bond settled to provide Pacifica slightly more reinsurance, at €160 million.
The upsizing helped the debut cat bond for Pacifica meet its “capacity objectives”, the company said today.
Importantly, the first foray to the cat bond market helps the insurer, as it “diversifies Pacifica’s sources of reinsurance protection against catastrophes.”
Pacifica is also pleased with the…