Axa to launch windstorm cat bond

Standard & Poor's says Axa is to launch a €150m catastrophe bond to cover it against potential losses from European windstorms, Reuters reports.

The proceeds of the bond sale would help Axa meet potential windstorm claims in nine western European countries next year.

S&P has provisionally assigned a "BB (sf)" credit rating to the notes, the first to be sold under a wider €1.5bn bond programme.