Willis Capital Markets & Advisory the capital markets and advisory business of Willis Group Holdings, the global risk advisor, insurance and reinsurance broker, announced that it has structured and placed a $300 million catastrophe bond transaction sponsored by Catlin Insurance Company Ltd. and subsidiaries.
Catlin is a global reinsurer that underwrites a diversified portfolio of P&C specialty treaty reinsurance as a lead or quoting market.
The transaction, which closed on October 30, provides Catlin with $300 million of fully collateralized protection against U.S. Named Storms, U.S. and Canada Earthquakes and Europe Windstorms for a three-year risk period.
The structure features a PCS- and PERILS-based index trigger on an annual aggregate basis.
In a statement, Tony Ursano, CEO of Willis Capital Markets & Advisory noted that the level of investor demand for the deal “is a testament to the markets’ continued appetite for a diverse range of catastrophe risk.”