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Third-Event Cover To Be Available For 2000

U.S.RE's new product - Third-Event Cover - will be offered January 1 for the year 2000 catastrophe season. Typical catastrophe covers pay up to the policy limits twice in the policy period for losses in excess of a predetermined retention per occurrence. The new U.S. RE product extends coverage to a third event.

Joe Fedor, U.S. RE Executive Vice President, said a leading, global reinsurer "is ready to write the cover subject to backup capacity from the capital markets which is being arranged." He said the policy would cover any possible third loss from all types of catastrophes including hurricanes, earthquakes, and tornadoes.