JLT closes $45m windstorm cat bond

JLT Re unit Jardine Lloyd Thompson Capital Markets (JLTCM) has completed the placement of catastrophe bond Oak Leaf Re 2018-1, which closed at $45.26 million.

Oak Leaf Re 2018-1 is an Ultimate Net Loss (UNL), indemnity-based collateralized catastrophe bond, providing reinsurance coverage for the cedant’s book of business, which covers named windstorms. The transaction consists of four classes, including a multi-section tranche covering severity/frequency and a tranche providing reinstatement premium protection (RPP). The bond is issued with a one-year maturity, and is extendable up to 24 months.

“The Oak Leaf Re series continues to be very successful and provides significant value to all parties,” said Michael Popkin, managing director and co-head of insurance-linked securities at Jardine Lloyd Thompson Capital Markets.

Ed Hochberg, CEO of JLT Re (North America), added: “Our clients and brokers see the capital markets as an integral part of reinsurance programmes. JLT Re’s integrated platform allows for smooth execution for our clients.”

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