storm surge cat bond

New York transport operator the Metropolitan Transportation Authority (MTA) has now finalised its new catastrophe bond to provide an upsized $100 million in parametric storm surge protection, while the MetroCat Re Ltd. (Series 2023-1) notes have been priced at the bottom of guidance.

New York transport operator the Metropolitan Transportation Authority (MTA) is aiming to upsize its latest catastrophe bond, with up to $100 million in parametric storm surge protection now sought from the MetroCat Re Ltd. (Series 2023-1) transaction.

New York transport operator the Metropolitan Transportation Authority (MTA) is back in the catastrophe bond market with what will be its fourth issuance, seeking a $75 million or larger renewal of its parametric storm surge protection from a new MetroCat Re Ltd. (Series 2023-1) transaction.

Investors and funds with exposure to mortgage risks are carrying in some cases significant amounts of flood and storm surge risk exposure that is not covered by insurance and has not been transferred, presenting a potential opportunity for parametric risk transfer structures and perhaps catastrophe bonds or ILS.

The New York Metropolitan Transportation Authority’s (MTA) new  MetroCat Re Ltd. (Series 2020-1) catastrophe bond has now been priced, but at the top-end of the revised guidance after investors sought a higher return for the risk, with the deal also sticking at $100 million in size.

Price guidance for the New York Metropolitan Transportation Authority’s (MTA) new catastrophe bond has been increased after investor’s fed back that the initial coupon was not sufficient, we’re told, with the parametric MetroCat Re Ltd. (Series 2020-1) cat bond transaction now offering a higher return.

The New York Metropolitan Transportation Authority (MTA) has returned to the catastrophe bond market for the third time, seeking to sponsor an at least $100 million renewal of its soon to mature parametric cat bond coverage with a new MetroCat Re Ltd. (Series 2020-1) transaction.

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.

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 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.