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United States : Reinsurance brokerage firm JLT Re's arm closes $54m cat bond.

Jardine Lloyd Thompson Capital Markets (JLTCM), an arm of reinsurance brokerage company JLT Re, has announced the closing of another private placement catastrophe bond, Oak Leaf Re 2017-1, at $54.0 million.

The firm had just completed a private placement catastrophe bond, Market Re 2017-1, which closed at $65.1 million.

A 1-year indemnity-based collateralised catastrophe bond, Oak Leaf Re 2017-1, provides reinsurance coverage for the cedants book of business.

The transaction is comprised of 4 classes which include a multi-section tranche covering severity/frequency and a tranche for reinstatement premium protection (RPP).

Rick Miller, managing director and co-head of insurance-linked securities (ILS) at JLTCM, said, "We are greatly enthused that Oak Leaf was once again placed with a strong syndicate through an efficient process. Our client has greatly benefited from enduring relationships with the capital markets."

Michael Popkin, managing director and co-head of ILS at JLTCM, said, "In 2017, we are pleased to close our seventh annual Oak Leaf cat bond, which is one of the longer running cat bonds in the marketplace."

Ed Hochberg, CEO of JLT Re North America and JLTCM, added, "It is a great pleasure to continually diversify the cedants sources of capacity by transacting regularly with the capital markets. We are delighted to work closely with Southern Oak and the investors to bring to market the seventh annual Oak Leaf deal."

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Publication:Mena Report
Date:Jun 19, 2017
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