GC Securities has completed the placement of three catastrophe bonds to the tune of $300 million through Galileo Re for XL Insurance in Bermuda.
The cat bonds, which all apply to XL Catlin subsidiaries, provide annual aggregate protection from named storms affecting the US, earthquakes affecting Canada and the US, and windstorms affecting select European countries.
They all have an expected maturity of 8 January 2019.
Chi Hum, global head of insurance-linked securities distribution at GC Securities, commented: “The strong market support for each class within the Galileo Re Ltd. Series 2016-1 Notes provides yet another example of the expanding relevance and competitiveness of capital markets capacity including for higher risk profile placements.”
“Execution was also aided by XL Catlin’s reputation and track-record as an intelligent utiliser of non-rated capital sources throughout its risk transfer programme.”
