UnipolSai Assicurazioni, the insurance arm of the Italian Unipol Group, has placed €100 million of insurance-linked securities (ILS) that provide it with protection against earthquake risk in Italy and neighbouring countries for a three-and-a-half-year period. The deal was significant because it is also the first multiple-arrangement special purpose vehicle authorised by the Central Bank of Ireland for cat bond transactions. This will provide UnipolSai with increased flexibility to return to the market for future cat bond issuance through a "fast track" approval process. While Bermuda remains the leading domicile for ILS deals with a market share of more than 75 percent, Ireland has gained traction with a number of ILS deals being issued from the domicile in recent years. Azzurro Re II Series 2020-1 provides UnipolSai with a single €100 million tranche of fully collateralised protection.