GC Securities has completed a placement of a single class of principal at-risk variable rate notes totalling $190 million through its newly formed designated account company Queen Street XII Re.
The cat bond, Queen Street XII Re, domiciled in Ireland, was completed on behalf of Munich Re.
The notes provide four seasons of per-occurrence protection from hurricanes in the US and windstorms in Europe.
David Priebe, vice chairman of Guy Carpenter and head of GC Securities, commented: “Queen Street XII Re further demonstrates Guy Carpenter and GC Securities’ commitment to providing alternative capital retrocession solutions to reinsurers."
He added: "Munich Re’s continued desire to further cultivate its relationships with the ILS investor community helped achieve Queen Street XII’s efficient risk capitalisation.”