MetroCat Re Ltd.

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Swiss Re helps NY MTA to “transparent” parametric MetroCat cat bond

Global reinsurance firm Swiss Re helped the First Mutual Transportation Assurance Company ("FMTAC"), the New York State captive insurer of the Metropolitan Transportation Authority ("MTA"), to "transparent" protection through its $125 million MetroCat Re Ltd. (Series 2017-1) catastrophe bond.The capital markets and investment banking specialist unit of the reinsurer, Swiss read the full article →

New York MTA uses ILS to create “tension” between reinsurance markets

Executives from New York Metropolitan Transportation Authority (MTA) and its captive insurance subsidiary, First Mutual Transportation Assurance Co. (FMTAC), have discussed how the entity utilises the capital markets to create tension and competition between markets when placing its reinsurance program.The MTA’s 2017-2018 property reinsurance program is capitalised to the tune read the full article →

New York MTA’s new MetroCat Re 2017 cat bond priced below mid-point

The new $125 million MetroCat Re Ltd. (Series 2017-1) catastrophe bond from the New York Metropolitan Transportation Authority (MTA) has now been priced at a level below the middle of guidance and sources tell us the deal has not been upsized.The second catastrophe bond to be sponsored by the New York read the full article →

New York MTA targets $125m parametric MetroCat Re 2017-1 cat bond

The New York Metropolitan Transportation Authority (MTA) is returning to the catastrophe bond market for its second issuance, a $125 million MetroCat Re Ltd. (Series 2017-1) cat bond, which will provide the NY MTA's captive insurer the First Mutual Transportation Assurance Co. with parametric storm surge and earthquake reinsurance protection.The read the full article →

Storm surge height known 18 hours before landfall, say researchers

An interesting piece of research due to be published soon aims to prove that storm surge height is not directly correlated to hurricane, or storm, wind speeds at the time of landfall, rather it is the intensity and size of the storm 18 hours prior to landfall that matters.Researchers Hal read the full article →

New York MTA seeking support for potential future cat bonds

First Mutual Transportation Assurance Co. (FMTAC), the New York State-licensed captive insurer subsidiary of the New York Metropolitan Transportation Authority (MTA), is seeking support in connection with potential future catastrophe bond transactions it may sponsor.The MTA, responsible for much of the transport systems in New York State, and its captive read the full article →

MetroCat highlights capital markets support for bespoke ILS solutions: GC Securities

The successful issuance of the first storm surge catastrophe bond in the insurance-linked securities markets history, MetroCat Re Ltd. (Series 2013-1), highlights the ability of capital market investors to strongly support bespoke ILS solutions, according to bookrunner, joint structuring agent and lead manager on the deal, GC Securities.Catastrophe bond investors read the full article →

RMS launch hurricane model v13, use for MetroCat Re risk analysis

RMS has launched a new version of its North Atlantic hurricane model suite, version 13.0. The new version will give users the ability to fully analyse and quantify the risks from hurricane driven storm surge risks and the model has already been used in a catastrophe bond deal, the first read the full article →

MetroCat Re completes at $200m. MTA pleased, but may have liked more

The MetroCat Re Ltd. (Series 2013-1) catastrophe bond, which is the first cat bond in the markets history to bring storm surge risk alone in a transaction to insurance-linked securities investors, has completed successfully at $200m, received its final rating and the notes and program have listed in Bermuda.The successful read the full article →

Storm surge cat bond MetroCat Re increases in size, prices below guidance

The insurance-linked securities markets first ever storm surge catastrophe bond has been extremely well-received by investors with demand helping the deal to increase in size and enabling the sponsor, First Mutual Transportation Assurance Co. (FMTAC) to secure the fully-collateralized reinsurance protection at attractive pricing terms.The cat bond, MetroCat Re Ltd. read the full article →