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AlphaCat, Terra Brasis Resseguros close $5M private cat bond deal

Validus Holdings Ltd. unit AlphaCat Managers Ltd. and Terra Brasis Resseguros SA has completed a $5 million private catastrophe bond transaction.

The bond issue, Alpha Terra Validus II, renews the 2017 Terra Brasis Validus I transaction that represented an offering of Latin American reinsurance risk on an indemnity basis.

The bond was issued through a segregated account of White Rock Insurance (SAC) Ltd., which is managed by Aon Insurance Managers (Bermuda) Ltd. The notes were listed on the Bermuda Stock Exchange.