Jardine Lloyd Thompson Capital Markets Closes Its Second Market Re Catastrophe Bond at $31.825 Million
15 June 2014
New York - Jardine Lloyd Thompson Capital Markets (JLTCM) Inc., a part of JLT Towers Re, announced its second Market Re private placement cat bond (Market Re 2014 -2), which closed at $31.825 million. The new bond provides one year indemnity-based collateralized 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 Jardine Lloyd Thompson Capital Markets. "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."
"Market Re is a flexible platform that allows for highly customized solutions for our clients," said Rick Miller, Managing Director and Co-Head of Insurance-Linked Securities at Jardine Lloyd Thompson Capital Markets. "We expect to see the velocity of Market Re private cat bond transactions continue to increase."
"We are very excited to see that JLTCM continues to develop innovative structures which further reduce frictional expenses," reflected Ed Hochberg, CEO of Jardine Lloyd Thompson Capital Markets. "These developments provide many more cedants with capacity from the capital markets that would otherwise be inaccessible."
About Jardine Lloyd Thompson Capital Markets, Inc.
Jardine Lloyd Thompson Capital Markets, Inc. is a wholly owned subsidiary of Jardine Lloyd Thompson Group that advises clients in the areas of risk-linked securities, collateralized reinsurance, and other risk transfer solutions involving securities and other capital markets instruments.
About JLT Towers Re
JLT Towers Re was formed in 2013 when JLT Group acquired Towers Watson’s reinsurance business and merged it with JLT Reinsurance Brokers, creating a new force in the international reinsurance market. With over 700 professionals in 30 locations across 16 countries, JLT Towers Re has established North American and London Market reinsurance broking businesses combined with international reinsurance operations and a dynamic brand, creating a business that provides clients with enhanced scale, capability and market presence. JLT Towers Re is part of the Jardine Lloyd Thompson Group plc one of the world’s largest suppliers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. JLT Group plc is quoted on the London Stock Exchange and owns offices in 39 territories with some 9,000 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.
Head of Communications & Marketing, JLT Re