American Modern completes $75m cat bond

American Modern Insurance Group, a specialty short-tail lines carrier and fully-owned indirect subsidiary of Munich Re, has completed a $75 million cat bond providing protection from US named storms for three years.

Willis Capital Markets & Advisory placed the deal, which uses an indemnity trigger on a per occurrence basis.

Tony Ursano, CEO of Willis Capital Markets & Advisory said: "Investors were eager to support a new sponsor to the market. The transaction was substantially oversubscribed and pricing ended up well below the initial price guidance. We are pleased to have been chosen to work on this transaction and deliver world class execution for American Modern."