JLT places $14.5m parametric cat bond
Jardine Lloyd Thompson Capital Markets (JLTCM), a subsidiary of reinsurance brokerage firm JLT Re placed a catastrophe bond (Market 2017-2, Weather), which closed at $14.50 million.
The bond provides single year parametric-based collateralized retrocession coverage for warm-weather winters across Europe.
Ed Hochberg, CEO of JLT Re NA and JLTCM, commented: “We are focused on continuing to develop products in this space as global ILS investors expand their underwriting capabilities”.
Michael Popkin, managing director and co-head of insurance-linked securities at JLTCM, added: “We are thrilled to see the cedant return to sponsor another weather-indexed bond via the Market Re platform.”
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