Irma threatens more than 40% of cat bonds

Florida-based carriers have sponsored about $1.9bn of cat bonds
across a wide range of risk levels, but the bulk of the cat bond
portfolio threatened by Hurricane Irma is made up of multi-peril
issuances with national US exposure.
Almost $12bn of the cat bond market is exposed to a first-event
US wind loss in Florida, according to data compiled by sister
publication Trading Risk.
This constitutes 87 separate cat bond layers
that represent more than 40 percent of the total...