Lloyd’s, the world’s leading marketplace for insurance and reinsurance, today announced that the first 144A catastrophe bond has been issued on its risk transformation platform London Bridge 2 PCC Limited.
Beazley is the sponsor of the US$100m transaction, on behalf of its Lloyd’s syndicates (623, 2623 and 3623), its North American insurance company (Beazley Excess and Surplus Inc.) and European carrier (Beazley Insurance DAC).
The indemnity reinsurance coverage provides multi-year protection for named storm and earthquake events affecting the United States, Canada and parts of the Caribbean.
The transaction brings the aggregate issuance of securities to institutional investors by the London Bridge vehicles to approximately US$750 million, across 13 cells.
Aon Securities LLC (“Aon Securities”) was the sole structuring and book building agent and Mayer Brown acted as deal counsel for the transaction.