South America to gain $1.36bn cat bond protection

Several South American countries are set to benefit from $1.36bn
of combined earthquake reinsurance from a new cat bond,sister publication Trading Risk reported.
The bond is the second-largest cat bond ever behind Everglades
Re's $1.5bn issue in 2014
The security is being issued through a shelf issuance programme
operated by the World Bank's International Bank for
Reconstruction and Development (IBRD).
The multi-national cat bond is formed of five tranches and will
cover earthquakes in Chile, Co