New York attacks seen as boosting prospects for catastrophe bonds
LONDON -- The record pay-out expected by the reinsurance industry following the September 11 attacks on New York’s financial district, combined with the trend towards better capitalised investment banks, could stimulate a "dramatic increase" in the growth of the catastrophe bond sector.
That’s the view of Stephen Stonberg, managing director of risk transformation at US investment bank JP Morgan Chase. Catastrophe bonds, whose coupon pay-outs to bond holders decrease in the event of the bond
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