Towers Watson places Florida cat bond for local government insurer
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Towers Watson Capital Markets Inc. has placed a $20 million catastrophe bond to cover named windstorm risks for a local government insurer in Florida, the Towers Watson & Co. unit announced Monday.
The three-year bond, Sunshine Re 2013-1, pays a coupon of 9.25% and provides Orlando, Fla.-based Florida Municipal Insurance Trust with coverage for Florida named windstorms on a per-occurrence basis, a Towers Watson statement said.
Sunshine Re is the first multi-year cat bond placed by Towers Watson, which previously placed three one-year cat bonds.
Most recently, TWCM announced in January that it had arranged a $61.2 million cat bond for Cincinnati Insurance Cos.
“We continue to see increased support from insurance-linked securities investors for our private placement approach that brings new cedents and diversifying perils to the market,” said Michael Popkin, TWCM senior vice president, in the statement.
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