WINDMILL IS FIRST INDEMNITY-BASED EUROPEAN STORM CAT BOND

Netherlands-based insurance group Achmea has set a first for the cat bond market, gaining indemnity-based protection against European windstorms through Bermuda-domiciled special purpose vehicle Windmill 1 Re Ltd. Achmea's group reinsurer Achmea Re is the sponsor of the catastrophe bond, which was structured and placed privately by Aon Benfield Securities, reports Artemis.bm. Windmill Re 1 consists of a single tranche worth €40m ($55m) that, as a private placement, will not have a rating.