Willis Capital Markets & Advisory (WCMA), part of the global insurance broker Willis Group Holdings (NYSE: WSH), and California State Compensation Insurance Fund have won Trading Risk magazine’s Non-Life Transaction of the Year Award for their groundbreaking Golden State Re catastrophe bond.
The Golden State Re deal was recognised at the annual awards for its innovation and creativity in the fast-moving Insurance-Linked Securities market.
As the first catastrophe bond designed exclusively to cover workers’ compensation catastrophe exposure it introduced a new peril to the market. And as the first deal from the California State Compensation Insurance Fund, it also introduced a new sponsor.
It was recognised for its innovative structure and modeling, being the first transaction to make exclusive use of the casualty modeling developed for workers’ compensation losses as a result of earthquakes.
The deal was also a stand out as the achieved risk spread of 3.75% was the lowest seen in 2011. WCMA acted as the sole structuring agent and bookrunner on this transaction.
Tony Ursano, CEO of WCMA, said:
“We are thrilled to have been awarded the Non-Life Transaction of the Year. To achieve success in bringing a new peril, model and sponsor to market and then have that achievement recognised by the judges is truly satisfying. Through this deal WCMA has demonstrated the innovative approach to working with clients which is our hallmark.”
Willis Capital Markets & Advisory, with offices in New York and London, provides advice to insurance and reinsurance companies on a broad array of mergers and acquisition transactions as well as capital markets products such as insurance-linked securities. Nothing in this communication constitutes any legal or financial advice or an offer or solicitation to sell or purchase any securities.
Willis Group Holdings plc is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.