US Patent 7711634 Flexible catastrophe bond

Methods and apparatus, including computer program products, for securitizing natural catastrophe risk. One or more risk classes representing natural catastrophe risks is are established, and a first collection of risk instruments of a first risk class of the one or more risk classes is issued. Each risk class is recurringly issuable as risk instruments providing a return on an investment. The amount of the return for a risk instrument is contingent upon the occurrence of a realization event for the corresponding represented natural catastrophe risk. Collections of risk instruments issued from recurringly issuable risk classes are also described.