JLT unit closes $65.1m cat bond

Jardine Lloyd Thompson Capital Markets (JLTCM), a subsidiary of Jardine Lloyd Thompson Group, said June 13 that it closed a private placement catastrophe bond, Market Re 2017-1, at $65.1 million.

The cat bond provides one year indemnity-based collateralized catastrophe reinsurance coverage for the cedant’s Florida book of business. The transaction has one class and was placed with the private market alongside the cedant’s Florida hurricane catastrophe coverage (FHCF).

“Our Market Re platform continues to provide our clients with competitive access to the capital markets,” said Michael Popkin, managing director and co-head of insurance-linked securities at Jardine Lloyd Thompson Capital Markets.

“Our client has again successfully accessed the capital markets for an FHCF replacement layer,” commented Rick Miller, managing director and co-head of insurance-linked securities at Jardine Lloyd Thompson Capital Markets.

Jardine Lloyd Thompson Capital Markets is part of JLT Re and advises clients in the areas of risk-linked securities, collateralized reinsurance, and other risk transfer solutions involving securities and other capital markets instruments.