The recently closed Johnston Re Ltd. Series 2011-1 catastrophe bond transaction has helped bring the amount of capital market cover for hurricanes afforded to the two North Carolina non-profit insurance associations, the North Carolina Joint Underwriters Assn. (NCJUA) and the North Carolina Insurance Underwriters Assn. (NCIUA) to $507m.
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North Carolina hurricane risk catastrophe bond Johnston Re Ltd. Series 2011-1 has closed successfully at a size of just under $202m, slightly upsized from the initial offering amount that the deal was marketed to investors at. This brings cat bond market issuance for 2011 to over $1.4 billion according to data from our catastrophe bond […]
Munich Reinsurance America Inc. are actively marketing the second catastrophe bond in the Johnston Re series of deals. As with their 2010 Johnston Re cat bond, the deal provides U.S. hurricane cover for Munich Re America for a reinsurance agreement they have with two North Carolina non-profit insurance associations, the North Carolina Joint Underwriters Assn. […]
The catastrophe bond being issued by Munich Re under the Cayman Islands based SPV named Johnston Re Ltd. on behalf of the North Carolina Joint Underwriting Association and the North Carolina Insurance Underwriting Association has now completed. In a sign of investor confidence the deal upsized significantly and completed at $305m.
Munich Re is placing a new catastrophe bond deal under the newly formed Cayman Islands based SPV Johnston Re Ltd. Johnston Re is being placed on behalf of the two North Carolina based non-profit organisations which have insurance companies as their members, the North Carolina Joint Underwriting Association and the North Carolina Insurance Underwriting Association. […]
U.S. residual market insurers, which are often the state-backed non-profit and in extreme cases the insurer of last resort for property coverage, are increasingly relying on catastrophe bonds and the capital markets as sources of reinsurance protection.
Rating agency Standard & Poor’s (S&P) said on Friday that it had affirmed its ratings for 29 natural peril catastrophe bond tranches, issued by 13 different special purpose vehicle issuers, after the cat bonds had their annual resets of probability of attachment.
GC Securities, the capital markets arm of reinsurance broker Guy Carpenter has published a press release on its involvement in the Tar Heel Re Ltd. (Series 2013-1) catastrophe bond. GC Securities press release, which you can read in full below, contains some interesting quotes from its clients on the transaction, the two North Carolina wind pool […]
The worlds largest reinsurance firm Munich Re played a number of key roles in the issuance of the recently completed $500m Tar Heel Re Ltd. (Series 2013-1) catastrophe bond. Munich Re acted as co-structuring agent and co-lead manager on the transaction which effectively secured a $500m source of fully-collateralized North Carolina hurricane protection for the North […]
Another catastrophe bond has settled and completed today, securing a source of hurricane reinsurance protection for the two North Carolina wind pools, the North Carolina Joint Underwriters Assn. (NCJUA) and the North Carolina Insurance Underwriters Assn. (NCIUA). The successful completion of the Tar Heel Re Ltd. (Series 2013-1) cat bond brings another $500m of risk […]