GC Securities places first non-U.S. hurricane exposed cat bond of 2011

GC Securities, a division of MMC Securities Corp., has announced the placement of a $150 million cat bond, the first non-U.S. hurricane exposed cat bond issued since October 2010.
The placement of $150-million worth of principal at-risk variable rate notes was done through catastrophe bond program Queen Street III Capital.
Utilizing a PERILS country-weighted index trigger structure, the notes will provide Munich Re with fully collateralized, multi-year protection against windstorm events in Europe.
In addition, a dedicated U.S. Treasury bill fund created by MEAG, Munich Re’s asset management company, will invest the proceeds from the Queen Street III Capital Limited offering in certain U.S. Treasury obligations.
AIR Worldwide Corporation as the modeling firm for the transaction.