JLT Capital Markets closes $25m cat bond

Jardine Lloyd Thompson Capital Markets (JLTCM), part of JLT Re, has closed another catastrophe bond via its Market Re private placement platform.

Market 2016-4, which closed at $25 million, provides one year indemnity-based collateralised catastrophe reinsurance coverage for the cedant’s Florida book of business. The transaction has one class and will act as a second limit cover.

Michael Popkin, managing director and co-head of insurance-linked securities (ILS) at JLTCM, said: “We continue to see Market Re enable clients to transfer different risk/return portions of their reinsurance towers to capital market players.”

Rick Miller, managing director and co-head of ILS at JLTCM, added: “With the increasing success of Market Re as a leading private placement vehicle, we expect corporate clients to access capital markets capacity, especially as JLT Specialty USA continues to grow.”