Jardine Lloyd Thompson Capital Markets (JLTCM) has arranged a private placement catastrophe bond, Oak Leaf Re 2015-1, which closed at $53.03 million. This is the fifth such deal with Oak Leaf.
The new bond will provide one year indemnity-based collateralised catastrophe reinsurance coverage for the cedant’s Florida book of business.
The transaction included three classes, including a multi-section class covering severity and frequency as well as a reinstatement premium protection (RPP) one.
“As a consistent issuer, Oak Leaf is enjoying the benefits of long-term relationships. For example, we saw the deal upsize during the process,” commented Rick Miller, co-head of insurance-linked securities at JLTCM.
“The close coordination between the capital markets group, the traditional brokers, and incumbent investors have continued to provide and created an overall efficient process.”
CEO of JLT Re North America, Ed Hochberg, added: “Our clients are deriving significant value from the capital markets. They are benefiting in terms of panel diversity as well as an increased amount of capacity at attractive pricing.”
“Overall, having each of the different sources of capacity complement one another helps us to optimise across our clients’ programmes.”
“As an integrated platform encompassing brokerage, capital markets, and analytics, we are well-positioned to service our clients in this rapidly changing reinsurance landscape.”
