Jardine Lloyd Thompson (JLT) Capital Markets, an affiliate of JLT Re, has closed the private placement catastrophe bond, Market Re 2017-1, at $65.1 million.
The cat bond provides a year’s indemnity-based collateralised catastrophe reinsurance coverage for the cedent’s Florida business.
The transaction has one class and was placed with the private market alongside the cedent’s Florida hurricane catastrophe coverage.
Commenting on the cat bond, Michael Popkin, managing director and co-head of insurance-linked securities at JLT Capital Markets, said: “Our Market Re platform continues to provide our clients with competitive access to the capital markets.”
Rick Miller, managing director and co-head of insurance-linked securities at the company, added: “Our client has again successfully accessed the capital markets for an Florida hurricane catastrophe coverage replacement layer.”
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