Jardine Lloyd Thompson Capital Markets (JLTCM), which is part of JLT Towers Re, has arranged another private placement catastrophe bond, Market Re 2014-1, which closed at $10 million.
The new bond provides two year indemnity-based collateralised catastrophe reinsurance coverage for the cedant’s Florida book of business. Market Re is a new vehicle that JLTCM has established to continue to make the capital markets more accessible to issuers looking to do smaller-sized cat bonds.
“At JLTCM, we remain focused on the democratization of the capital markets so that issuance doesn’t just remain the domain of larger cedants,” said Rick Miller, managing director and co-head of insurance-linked securities at Jardine Lloyd Thompson Capital Markets.
“We are delighted that we have been able to create a more cost-effective vehicle that will enable cedants to source capital markets capacity for even smaller deals. For investors, we are confident that Market Re transactions will allow us to continue to bring new cedants and perils to them in a manner that will allow them to diversify their portfolios.”
