10 June 2014 Alternative Risk Transfer

JLT Capital Markets closes $44m cat bond

Jardine Lloyd Thompson Capital Markets (JLTCM), part of JLT Towers Re, has closed a $44 million private placement catastrophe bond.

Oak Leaf 2014-1 represents the fourth annual Oak Leaf private cat bond arranged and placed for the unnamed cedant’s book of Florida-based business.

The new bond provides one year indemnity-based collateralised catastrophe reinsurance coverage.

Oak Leaf 2014-1 closed at the tight end of revised price guidance and saw the Class A upsized.

Michael Popkin, managing director and co-head of insurance-linked securities at JLTCM, said: “As the fourth annual Oak Leaf transaction, both the cedant and the investors are benefitting from a consistent issuance. This is part of the long-term relationship that each is enjoying. Oak Leaf reflects a trend that we are seeing with our cedants, namely that once a program is established they begin to view capital markets as part of their overall reinsurance program and start to come to market on a regular basis.”

Rick Miller, managing director and co-head of insurance-linked securities at Jardine Lloyd Thompson Capital Markets, said: “Each Oak Leaf transaction has seen greater interest from investors, which has helped drive the growing size (Oak Leaf 2011-1 closed at $11.95 million). The Oak Leaf 2014-1 deal upsized as the revised price guidance tightened. We have seen the Oak Leaf programme expand each year, which conveys increased comfort of all parties with the transaction.”


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More on this story

Insurance
11 September 2019   Quest, the captives servicing company, wants to hoover up disaffected captives, as well as growing the business among SMEs in the US and Europe
Insurance
9 September 2019   Reinsurance broker Guy Carpenter, a wholly owned subsidiary of Marsh & McLennan Companies, has unveiled a key leadership change to integrate the capabilities of JLT Re and further its growth strategy.
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28 January 2019   London-based EC3 Brokers has launched a new venture from the Dubai International Finance Centre from which it will target growth in the Middle East and Africa and hired an executive from JLT Re to lead this process.

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