Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Market Re Ltd. (Series 2014-1)

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Market Re Ltd. (Series 2014-1) – At a glance:

  • Issuer: Market Re Ltd. (Series 2014-1)
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: Jardine Lloyd Thompson Capital Markets are structuring agent and bookrunner
  • Risk modelling / calculation agents etc: Participating investors undertook their own risk modelling
  • Risks / perils covered: Florida named storms
  • Size: $10m
  • Trigger type: Indemnity
  • Ratings: NR
  • Date of issue: May 2014

Market Re Ltd. (Series 2014-1) – Full details:

The Market Re 2014-1 cat bond is a $10m privately placed catastrophe bond, which provides the unnamed sponsor with two years of fully-collateralized catastrophe reinsurance protection on an indemnity basis for losses from named storms affecting its Florida book of business.

The Market Re 2014-1 cat bond is the first issuance through a new vehicle established by JLTCM alongside partners including Bermuda-headquartered ILS management and transformation specialist Horseshoe Group which aims to make the capital markets more accessible to issuers seeking to offer smaller sized cat bonds.

The first transaction on the Market Re platform follows the form of other privately placed cat bonds that the JLTCM team have arranged, with the modelling being performed by the ILS investment managers rather than a third-party firm to reduce costs.

The Market Re 2014-1 cat bond was well received by investors and the platform will help investors to increase their access to transactions and risks, JLTCM told Artemis.

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