GFI involved in catastrophe at Nymex

The first catastrophe risk trade on the New York Mercantile Exchange (Nymex) has been brokered by inter-dealer broker GFI. The counterparties were Swiss Re and Bermudian reinsurer Ascendant. The trade was an option on the nationwide catastrophe risk futures contract and based on the Re-Ex Index. The index is calculated by Gallagher Re and includes all natural catastrophes apart from earthquake, and terrorism.

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