Zurich to drop cat bond

Global carrier Zurich will not renew its Lakeside Re cat bond when
it matures at year-end, as it plans to shift the focus of its
reinsurance buying away from regional covers and towards global
protections.
The Lakeside Re bond provided $270mn of limit for US quake
risk.
At present Zurich also buys a $650mn US wind programme at 1
January and a $930mn European all-perils protection in April, with
a $295mn cover bought for the rest of the world at...