ProgramBusiness
 
  


  1. News Articles
  2. Related News Articles
  3. Comments
News Article Details

Willis Structures First Workers' Compensation Cat Bond for U.S. Earthquakes


Posted on 14 Dec 2011

Facebook LinkedIn Twitter Google

Willis Capital Markets & Advisory, part of Willis Group Holdings, the global insurance broker, today announced that it has structured and placed a $200 million catastrophe bond transaction for the State Compensation Insurance Fund (“State Fund”), the largest writer of workers’ compensation business in California. The Golden State Re Ltd. transaction is the first cat bond designed exclusively to protect a portfolio of workers’ compensation exposures.

The transaction, which closed on December 8, and expires in early 2015, provides the State Fund with $200 million of multi-year, fully collateralized protection against workers’ compensation claims as a result of U.S. earthquakes. Coverage is on a per-occurrence basis and the transaction features a modeled loss trigger which provides the State Fund with a relatively rapid payout post-event.

Tony Ursano, CEO, Willis Capital Markets & Advisory said, “Our involvement in the transaction reinforces our view that there is substantial investor demand, even for minimum rate-on-line deals. We expect investors to continue to welcome well structured deals bringing them new risks and new sponsors, and we are fully equipped to sole structure and place such transactions.”


Comments

Post a Comment
If you are a Storefront / Tradingfloor user, click here to login.
Note: As a guest user, please fill out the form below to post a comment.
Post your comments here.
Name :
Email Address :
Captcha :
Comments :
Character left : 2000