American Strategic bond nears trigger after storm losses

American Strategic Insurance has told investors in its $200mn Gator
Re cat bond that tornado losses incurred this year have eroded
almost 70 percent of the deal's deductible, sister publication
Trading Risk reported last week.
The carrier has notified investors that covered losses for the
four months to 30 April have reached $121.7mn, well on the way to
the $175mn trigger, sources said.
This is the three-year bond's final risk period, as it is
due to mature in early 2017....