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The devastating hurricane hitting the Florida coast is expected to test the market for so-called catastrophe bonds, threatening losses for a form of securitised reinsurance that is on course for record issuance this year.
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“Milton has the potential to be a much bigger loss for the industry than Helene and it could impact both existing bonds and future issuance spreads,” said Jean-Louis Monnier, head of insurance-linked securities at reinsurance group Swiss Re.
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