GC Securities, a division of MMC Securities LLC, a U.S.
registered broker-dealer and member FINRA/NFA/SIPC, today announced
the placement of three classes of Series 2016-1 Notes, with an
aggregate principal amount of $300,000,000 through the existing
catastrophe bond shelf program, Galileo Re Ltd., to benefit XL
Insurance (Bermuda) Ltd. and certain of its insurance and
reinsurance affiliates and related entities (“XL Catlin”). This is
the first time that XL Catlin has utilized the 144A cat bond market
since XL Group plc’s (“XL”) acquisition of Catlin Group Limited
(“Catlin”).
The Series 2016-1 Notes provide annual aggregate protection from
Named Storms affecting the U.S., earthquakes affecting Canada and
the U.S., and Europe windstorms affecting select European countries
using a weighted industry loss index using industry losses as
reported by Property Claim Services and PERILS AG.
The Series 2016-1 Class A Notes have the third highest annual
expected loss (9.52%) and the third highest annual attachment
probability (13.98%), each based on the AIR’s sensitivity catalog
for Named Storms, relative to all outstanding 144A P&C
catastrophe bonds. The Class B and Class C Notes have one year
expected losses (based on sensitivity catalog for Named Storms) of
4.96% and 3.09% respectively.
GC Securities served as sole structuring agent and sole
bookrunner.
RISK PROFILE
Series 2016-1 Notes Size Expected
Maturity Coupon Class A Notes $ 100,000,000
January 8, 2019 TMM earnings + 13.50% Class B Notes $ 100,000,000
January 8, 2019 TMM earnings + 9.00% Class C Notes $ 100,000,000
January 8, 2019 TMM earnings + 7.00%
QUOTES
Nick Frankland, CEO of Guy Carpenter’s EMEA
Operations
“Galileo Re Series 2016-1 Notes demonstrates Guy Carpenter’s and
GC Securities’ commitment to providing alternative capital
retrocession solutions to the reinsurer community. Alternative
capital solutions can be beneficial as the industry goes through
organizational changes and consolidation in reaction to the current
market environment and impact of competing new capital sources for
assuming (re)insurance risk to maintain overall cost effective
capitalization.”
Cory Anger, Global Head of ILS Structuring, GC
Securities
“We are honored to have facilitated XL Catlin’s first 144A
catastrophe bond transaction through the existing Galileo Re cat
bond facility that was originally established by a Catlin
affiliated entity in order to provide additional risk transfer
capacity at attractive pricing, streamlined transaction costs and
expedited execution timeframe. The transparent weighted industry
loss trigger structure and thoughtful tranching of the overall risk
layer best facilitated investors’ appetite for all classes within
the Series 2016-1 Notes to maximize overall investor interest that
could participate depending upon their fund’s requirements. XL
Catlin also incorporated new flexibility into the transaction
structure with respect to annual resets allowing XL Catlin to react
to future market conditions while maintaining the cohesiveness and
applicability of the Galileo Re protection.”
Chi Hum, Global Head of ILS Distribution, GC
Securities
“The strong market support for each Class within the Galileo Re
Ltd. Series 2016-1 Notes provides yet another example of the
expanding relevance and competitiveness of capital markets capacity
including for higher risk profile placements. Execution was also
aided by XL Catlin’s reputation and track-record as an intelligent
utilizer of non-rated capital sources throughout its risk transfer
program.”
TAGS/KEYWORDS
Guy Carpenter, GC Securities, Galileo Re, catastrophe bond, cat
bond, XL Insurance (Bermuda) Ltd, XL Catlin, Frankland, Anger,
Hum
About Guy Carpenter
Guy Carpenter & Company, LLC is a global leader in providing
risk and reinsurance intermediary services. With over 50 offices
worldwide, Guy Carpenter creates and executes reinsurance solutions
and delivers capital market solutions* for clients across the
globe. The firm’s full breadth of services includes
line-of-business expertise in agriculture; aviation; casualty
clash; construction and engineering; cyber solutions; excess and
umbrella; excess and surplus lines; healthcare & life; marine
and energy; mutual insurance companies; political risk and trade
credit; professional liability; property; public sector;
retrocessional reinsurance; surety; terrorism and workers
compensation. GC Fac® is Guy Carpenter’s dedicated global
facultative reinsurance unit that provides placement strategies,
timely market access and centralized management of facultative
reinsurance solutions. In addition, GC Analytics®** utilizes
industry-leading quantitative skills and modelling tools that
optimize the reinsurance decision-making process and help make the
firm’s clients more successful. For more information, visit
www.guycarp.com and follow Guy Carpenter on Twitter
@GuyCarpenter.
Guy Carpenter is a wholly owned subsidiary of Marsh &
McLennan Companies (NYSE: MMC), a global professional services firm
offering clients advice and solutions in the areas of risk,
strategy, and people. With annual revenue of $13 billion and 60,000
colleagues worldwide, Marsh & McLennan Companies provides
analysis, advice, and transactional capabilities to clients in more
than 130 countries through: Marsh, a leader in insurance broking
and risk management; Mercer, a leader in talent, health,
retirement, and investment consulting; and Oliver Wyman, a leader
in management consulting. Marsh & McLennan is committed to
being a responsible corporate citizen and making a positive impact
in the communities in which it operates. Visit www.mmc.com for more
information.
*Securities or investments, as applicable, are offered in the
United States through GC Securities, a division of MMC Securities
LLC, a US registered broker-dealer and member FINRA/NFA/SIPC. Main
Office: 1166 Avenue of the Americas, New York, NY 10036. Phone:
(212) 345-5000. Securities or investments, as applicable, are
offered in the European Union by GC Securities, a division of MMC
Securities (Europe) Ltd. (MMCSEL), which is authorized and
regulated by the Financial Conduct Authority, main office 25 The
North Colonnade, Canary Wharf, London E14 5HS. Reinsurance products
are placed through qualified affiliates of Guy Carpenter &
Company, LLC. MMC Securities LLC, MMC Securities (Europe) Ltd. and
Guy Carpenter & Company, LLC are affiliates owned by Marsh
& McLennan Companies. This communication is not intended as an
offer to sell or a solicitation of any offer to buy any security,
financial instrument, reinsurance or insurance product. **GC
Analytics is a registered mark with the U.S. Patent and Trademark
Office.
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version on businesswire.com: http://www.businesswire.com/news/home/20160303005648/en/
Guy CarpenterMissy DeAngelis,
1.917.937.3118missy.deangelis@guycarp.comJennifer Ainslie,
44.207.357.2058jennifer.ainslie@guycarp.com
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