JLTCM closes $31m Market Re bond

Jardine Lloyd Thompson Capital Markets (JLTCM) has closed catastrophe bond Market Re 2015-3 at $31.1 million.

The bond provides one year indemnity-based collateralised catastrophe reinsurance coverage for the cedant’s Florida book of business through two different classes, addressing both severity and frequency.

Michael Popkin, managing director and co-head of insurance-linked securities (ILS) at JLTCM, said: “Market Re is continuing to become an even more valuable part of reinsurance risk transfer solutions. Because of Market Re’s cost effective structure and overall ease of execution, our cedants are seeing Market Re private placement cat bonds as integral to their overall programmes."

Rick Miller, managing director and co-head of ILS at JLTCM, added: “The Market Re approach has made the capital markets more accessible to more cedants, which has completely changed the way they think about their programs.  By having more options, cedants can access the right markets for the right part of their programme. We feel confident that the volume and diversity of Market Re deals will continue to increase.”

Ed Hochberg, chief executive officer of JLT Re North America, said: “This efficient path to capital markets execution is opening up a number of opportunities across the growing range of JLT’s clients.”