JLT’s alternative capital business has completed a $453mn catastrophe bond transaction.
The bond issue, Oak Leaf Re 2018-1, is an ultimate net loss indemnity-based collateralised catastrophe bond. JLT did not name the cedant.
It is the eighth issuance in the Oak Leaf Re series.
It provides reinsurance coverage for the cedant’s book of business, which covers named windstorms.
JLT said the transaction consists of four classes, including a multi-section tranche covering severity and frequency as well as a tranche providing reinstatement premium protection.
The bond is issued with a one-year maturity and is extendable by up to 24 months.
“The Oak Leaf Re series continues to be very successful and provides significant value to all parties,” Michael Popkin, managing director and co-head of insurance-linked securities at JLT Capital Markets said.
“The Oak Leaf Re cat bond, the eighth one, remains one of a handful of consistent issuers,” said Rick Miller, managing director and co-head of insurance-linked securities at JLT Capital Markets added.