German insurer Versicherungskammer Bayern Versicherungsanstalt des oeffentlichen Rechts said losses from the severe flooding that affected the country’s southern parts in June remain well below the attachment point of its King Max Re DAC 2023 catastrophe bond, Artemis reported. The cat bond notes have an initial attachment point at €900 million ($983 million) of losses to the insurer’s business and their reinsurance coverage would exhaust at €1.1 billion of losses.
