Galileo Re Ltd. (Series 2015-1)

One of XL Catlin’s outstanding catastrophe bonds, the $300 million Galileo Re Ltd. (Series 2015-1), has been heavily discounted in trading by investors, as they look on the transaction as one of those deemed most at risk of loss due to the combined impacts of hurricane Harvey and Irma.

Insurance and reinsurance group Catlin has completed its latest catastrophe bond transaction, Galileo Re Ltd. (Series 2015-1), upsizing the transaction by 50% to close it securing $300m of protection for a variety of natural perils.

Catlin Group has returned to the catastrophe bond market to seek at least $200m of reinsurance cover with the issue of Galileo Re Ltd. (Series 2015-1). Interesting the deal covers a significantly higher level of risk than the firms last cat bond.