Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

$84m Florida exposed Market Re 2018-1 private cat bond placed by JLTCM


A new private catastrophe bond transaction has been completed, in the form of an $84 million Florida hurricane exposed Market Re Ltd. (Series 2018-1) deal, which has been structured and placed by the Jardine Lloyd Thompson Capital Markets (JLTCM) insurance-linked securities (ILS) structuring and issuance team.

This transaction, the first Market Re Ltd. private catastrophe bond of the year, will provide an unnamed sponsor with a single year of fully-collateralized reinsurance protection from the capital markets.

The reinsurance protection the deal provides will cover the cedant’s Florida book of business against losses from named storms and hurricanes and will sit alongside the cedant’s Florida hurricane catastrophe coverage (FHCF).

The protection is on an indemnity basis and the transaction featured just one class of Series 2018-1 notes, which were issued by Market Re Ltd. and placed with investors by the JLTCM team.

“The strong support from Insurance-Linked Securities (ILS) managers following the 2017 storm season shows the value of having a diversified panel of reinsurers,” said Michael Popkin, Managing Director and Co-Head of Insurance-Linked Securities at Jardine Lloyd Thompson Capital Markets.

“This transaction remains an integral part of the cedant’s reinsurance placement and has seen strong investor interest,” added Rick Miller, Managing Director and Co-Head of Insurance-Linked Securities at Jardine Lloyd Thompson Capital Markets.

CEO of JLT Re North America and JLTCM, Ed Hochberg also commented, “we are pleased that JLTCM continues to be a market leader in transferring catastrophe risk to the private markets. Our capital markets team and JLT Re brokers work closely to provide comprehensive solutions for our clients.”

We’ve added the $84 million privately placed Market Re Ltd. (Series 2018-1) transaction to the Artemis Deal Directory.

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