BNY Mellon appointed Turkish cat bond trustee
BNY Mellon has been appointed trustee, paying agent, account bank and custodian for a $100 million Turkish cat bond transaction designed to protect insurers against the risks of potential earthquakes.
The bonds were issued by Bosphorus, a Bermuda-based special purpose reinsurer that was created by the Turkish Catastrophe Insurance Pool (TCIP), the originator of the transaction.
