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Willis Capital Markets places $300 million cat bond for Catlin


November 5, 2013   by Canadian Underwriter


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Willis Capital Markets & Advisory has structured and placed a $300 million catastrophe bond transaction for Catlin Insurance Company and subsidiaries, providing protection against earthquakes in Canada, among other risks.

The transaction closed Oct. 30, according to WCMA, the capital markets and advisory business of Willis Group Holdings.

The transaction provides Catlin, a global reinsurer, $300 million of fully collateralized protection against U.S. Named Storms, U.S. and Canada Earthquakes and Europe Windstorms for a three-year risk period. The structure features a PCS and PERILS based index trigger on an annual aggregate basis, according to WCMA.

“We are committed to continuing to build our insurance-linked securities (ILS) franchise and assist sponsors in accessing capital markets capacity,” Tony Ursano, CEO of WCMA noted in a statement.

“We are very proud to have been chosen to work on this transaction and we were delighted to have been able to deliver a world class execution for Catlin, a best in class sponsor and long standing Willis relationship. The level of investor demand for the deal is a testament to the markets’ continued appetite for a diverse range of catastrophe risk.”