cat bond
n.— «His name was John Seo, he was 39 years old and he ran a hedge fund in Westport, Conn., whose chief purpose was to persuade investors to think about catastrophe in the same peculiar way that he did. He had invested nearly a billion dollars of other people’s money in buying what are known as “cat bonds.” The buyer of a catastrophe bond is effectively selling catastrophe insurance.» —“In Nature’s Casino” by Michael Lewis New York Times Aug. 26, 2007. (source: Double-Tongued Dictionary)
Further reading
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