Insurance on properties held in Blackstone Inc. funds that’s designed to cover losses from natural disasters is being securitized into catastrophe bonds and sold into capital markets for the first time.
Swiss Re Capital Markets structured and placed $250 million of the insurance-linked securities for certain real estate funds managed or controlled by Blackstone affiliates, according to a statement on Thursday. The deal marks the first corporate catastrophe bond covering named storms on an indemnity basis, and the first to cover multiple countries, the statement said.
The issuance comes as record high temperatures fuel deadly climate conditions, with extreme drought, ...
