Betting against a pandemic paid off for Michael Stahel, who earned returns on so-called “death bonds” that were three times higher than those generated by corporate debt securities last year.
“The kind of event needed to trigger an extreme mortality bond would involve so many deaths that I’m not sure I would survive it myself,” said Stahel, who manages 830 million Swiss francs $759 million of insurance-linked holdings for Clariden Leu Alternative Investments in Zurich. “Neither 9/11 nor World War II would have triggered the existing mortality bonds.”
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