Jardine Lloyd Thompson Capital Markets Closes Oak Leaf Re 2015-1, a $53.03 Million Catastrophe Bond
03 June 2015
New York: Jardine Lloyd Thompson Capital Markets (JLTCM) Inc., which is part of JLT Re, the global provider of reinsurance broking and consultancy, announced it has arranged another private placement catastrophe bond, Oak Leaf Re 2015-1, which closed at $53.03 million. The new bond provides one year indemnity-based collateralized catastrophe reinsurance coverage for the cedant’s Florida book of business. The transaction included three classes, including a multi-section class covering severity and frequency as well as an RPP (reinstatement premium protection) one.
"We are pleased to conclude our fifth Oak Leaf deal," said Michael Popkin, Managing Director and Co-Head of Insurance-Linked Securities at Jardine Lloyd Thompson Capital Markets. "Each year, we are seeing the transaction size grow. This reflects the increased interest of both the cedant and the investors to expand the overall relationship."
"As a consistent issuer, Oak Leaf is enjoying the benefits of long term relationships. For example, we saw the deal upsize during the process," commented Rick Miller, Managing Director and Co-Head of Insurance-Linked Securities at Jardine Lloyd Thompson Capital Markets. "The close coordination between the capital markets group, the traditional brokers, and incumbent investors have continued to provide and created an overall efficient process."
CEO of JLT Re North America, Ed Hochberg, remarked that "Our clients are deriving significant value from the capital markets. They are benefiting in terms of panel diversity as well as an increased amount of capacity at attractive pricing. Overall, having each of the different sources of capacity complement one another helps us to optimize across our clients' programs. As an integrated platform encompassing brokerage, capital markets, and analytics, we are well-positioned to service our clients in this rapidly changing reinsurance landscape."
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Notes to Editors
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About Jardine Lloyd Thompson Capital Markets, Inc.
Jardine Lloyd Thompson Capital Markets, Inc. is a wholly owned subsidiary of Jardine Lloyd Thompson Group and is part of JLT R. It 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 Re
JLT Re is a global provider of reinsurance broking and capital solutions. Delivering world class solutions and service whilst differentiating clients from their peers, JLT Re has 700 professionals across 14 countries.
New clients and new employees continue to join, attracted by specialist broking, consultancy and analytical capability, increased market presence and a collaborative and energetic approach.
JLT Re is part of the Jardine Lloyd Thompson Group plc.
About Jardine Lloyd Thompson Group plc
Jardine Lloyd Thompson is one of the world’s leading providers of insurance and employee benefits related advice, brokerage and associated services. JLT’s client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in 39 territories with more than 10,000 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.
This announcement may contain "forward looking statements" regarding the financial position, business strategy or plans for future operations of the Group. By their nature, forward looking statements involve risk and uncertainty, relating to facts that are beyond the company's ability to control, such as future market conditions. Any such statements in this announcement speak only as at the date of this announcement. The company does not assume any obligation to, and does not intend to, revise or update these forward looking statements except as required pursuant to applicable law.
Head of Communications & Marketing, JLT Re