Willis places $300M cat bond for Catlin for storm, quake risks

Willis Group Holdings P.L.C.'s Willis Capital Markets & Advisory unit has structured and placed a $300 million catastrophe bond transaction sponsored by Catlin Insurance Co. Ltd. and subsidiaries, Willis announced Monday.

The transaction, which closed on Oct. 30, provides Catlin with $300 million of fully collateralized protection against U.S. named storms, U.S. and Canada earthquakes, and Europe windstorms for a three-year risk period.

“We are committed to continuing to build our insurance-linked securities franchise and assist sponsors in accessing capital markets capacity,” said Tony Ursano, CEO of Willis Capital Markets & Advisory, in a statement.

“We are very proud to have been chosen to work on this transaction and we were delighted to have been able to deliver a world-class execution for Catlin, a best-in-class sponsor and long-standing Willis relationship,” he said. “The level of investor demand for the deal is a testament to the markets' continued appetite for a diverse range of catastrophe risk."