JLTCM closes $78.7m private placement cat bond
Jardine Lloyd Thompson Capital Markets (JLTCM), an affiliate of a leading JLT Re, has made another private placement catastrophe bond, Market Re 2016-2, which closed at $78.7 million.
The new bond provides one year indemnity-based collateralised catastrophe reinsurance coverage for the cedent’s Florida book of business.
The transaction has one class and was placed with the private market alongside the cedent’s Florida Hurricane Catastrophe Fund coverage .
Rick Miller, managing director (MD) and co-head of insurance-linked securities (ILS) at JLTCM, said: “We are glad to see repeat issuance through our Market Re platform. It gives our clients the ability to access capital markets, which is especially important as the capital markets’ role has become a critical component of a comprehensive risk transfer.”
Michael Popkin, MD and co-head of ILS JLTCM, added: “We are thrilled to further grow and expand our Market Re platform. Our close working relationship with JLT Re’s brokerage team has further increased our ability to provide our clients with meaningful risk transfer solutions.”
Ed Hochberg, chief executive officer, JLT Re North America and JLTCM said that “clients are enthusiastic about the success of Market Re, which is reflected not only through repeat issuance, but also through the incrementally larger deal size.”
Market Re 2016-2 is the largest Market Re deal to date.
