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GC Securities, a unit of Guy Carpenter & Co. L.L.C., on Tuesday said it has placed a catastrophe bond to cover multiple natural perils in Massachusetts for just over three years.
Cranberry Re Ltd. will provide the Massachusetts Property Insurance Underwriting Association with $300 million of annual aggregate coverage from tropical cyclones, tropical storms, hurricanes, severe thunderstorms and winter storms causing at least $10 million in losses through July 6, 2018, GC Securities said in a statement.
“Catastrophe bond capacity has been instrumental this year in MPIUA's transformation from a per-occurrence to annual aggregate risk transfer program,” John Golembeski, president of the association, said in the statement.
The association last accessed capital markets in 2010 to manage its natural peril risks, according to the statement.
First quarter issuance of catastrophe bonds reached a record $1.70 billion this year, according to a report from Aon Benfield, the company said in a statement Wednesday.