Runner-up: Swiss Re

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Swiss Re shook up the catastrophe bond market with a $160 million securitisation covering Mexican earthquakes in May. The deal, Mexico's first catastrophe bond and the first-ever securitisation of natural disaster exposure by a sovereign, will provide funds for emergency relief in the event of an earthquake. The deal is part of a $450 million insurance programme between Swiss Re and the government of Mexico.

The two-part deal was met with some enthusiasm by investors who were attracted by the

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