Jardine Lloyd Thompson Capital Markets (JLTCM), a part of JLT Towers Re, has established its second Market Re private placement cat bond (Market Re 2014-2), which closed at $31.83 million.
The new bond provides one year indemnity-based collateralised catastrophe reinsurance coverage for the cedant’s Florida book of business and was accomplished via two separate classes.
“Since launching the Market Re platform in May, we have seen considerable interest from both cedants and investors,” commented Michael Popkin, managing director and co-head of insurance-linked securities at JLTCM.
“By increasing the efficiency of the overall issuance process, we have opened the market to new cedants to begin to engage with the capital markets.”
Rick Miller, managing director and co-head of ILS at JLTCM, said: “Market Re is a flexible platform that allows for highly customised solutions for our clients. We expect to see the velocity of Market Re private cat bond transactions continue to increase.”
