Please replace the release due to multiple revisions.
The corrected release reads:
GC SECURITIES* COMPLETES CATASTROPHE BOND
QUEEN STREET XII RE DAC ON BEHALF OF MUNICH RE
GC Securities, a division of MMC Securities LLC, a U.S.
registered broker-dealer and member FINRA/NFA/SIPC, today announced
the placement of a single class of Principal At-Risk Variable Rate
Notes (“Notes”) with a principal amount of USD $190,000,000 through
the newly formed designated activity company (“dac”) domiciled in
Ireland, Queen Street XII Re dac, to benefit Münchener
Rückversicherungs-Gesellschaft Aktiengesellschaft in München
(“Munich Re”). This is the largest issuance of the eleven issuances
in Munich Re’s Queen Street series since 2011 and the second
largest issuance of all Munich Re’s Queen Street series.
Additionally, Queen Street XII Re dac is the first special purpose
vehicle authorized for the purposes of Directive 2009/138/EC (as
amended) (“Solvency II Directive”) in the 144A catastrophe bond
market.
The Notes provide four seasons of per occurrence protection from
hurricanes affecting the U.S. and windstorms affecting select
European countries. The Notes trigger based on a weighted industry
loss index using industry insured losses as reported by Property
Claim Services for the U.S. and PERILS AG for Europe.
The Notes utilized a putable note issued by the International
Bank of Reconstruction and Development (IBRD) as the initial
Permitted Investment, which is the first time such permitted
investment has been utilized in Munich Re’s Queen Street
series.
GC Securities served as sole bookrunner on Queen Street XII Re.
GC Securities has raised $790M of catastrophe bond protection for
Munich Re since 2011 through the offering of seven out of twelve
Queen Street catastrophe bonds issued.
RISK PROFILE
Size
Expected Notes (USD)
Maturity Coupon
Permitted
Principal At-Risk $190,000,000 April 8, 2020
Investments Yield +
Variable Rate Notes
5.25% per annum
QUOTES
David Priebe, Vice Chairman of Guy Carpenter and Head of GC
Securities
“Queen Street XII Re further demonstrates Guy Carpenter and GC
Securities commitment to providing alternative capital retrocession
solutions to reinsurers. Munich Re’s continued desire to further
cultivate its relationships with the ILS investor community
assisted in offering efficient risk capitalization was positively
received in the market.”
Cory Anger, Global Head of ILS Structuring, GC
Securities
“Favorable market conditions coupled with Munich Re’s consistent
approach to the market and thoughtful structuring decisions
(including the first time use of IBRD putable notes) allowed them
to most efficiently and effectively cede risk to the ILS investor
community. Investor support aided efficient execution of the
transaction such that the transaction nearly doubled in volume
while pricing tighter than initial guidance. It was an honor and
privilege to market yet another Queen Street issuance.”
Chi Hum, Global Head of ILS Distribution, GC
Securities
“The strong market support for Queen Street XII Re demonstrates
the market’s appreciation for Munich Re’s consistent and repeat
sponsorship of cat bonds, as well as the company’s reputation in
the (re)insurance market. Strong investor interest from more than
20 participating investors and an oversubscribed order book
resulted in successful execution at an attractive price for this
capacity.”
TAGS/KEYWORDS
Guy Carpenter, GC Securities, Queen Street XII Re, catastrophe
bond, cat bond, Munich Re, Priebe, Anger, Hum
About Guy Carpenter
Guy Carpenter & Company, LLC is a leading global risk and
reinsurance specialist. Since 1922, the company has delivered
integrated reinsurance and capital market solutions to clients
across the globe. As a most trusted and valuable reinsurance broker
and strategic advisor, Guy Carpenter leverages its intellectual
capital to anticipate and solve for a range of business challenges
and opportunities on behalf of its clients. With over 2,300
professionals in more than 60 offices around the world, Guy
Carpenter delivers a powerful combination of broking expertise,
strategic advisory services and industry-leading analytics to help
clients achieve profitable growth. For more information on Guy
Carpenter’s complete line-of-business expertise and range of
business units, including GC Specialties, GC Analytics®, GC Fac®,
Global Strategic Advisory, GC Securities*, Client Services and GC
Micro Risk Solutions®, please visit www.guycarp.com and follow Guy
Carpenter on LinkedIn and 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 and follow us on LinkedIn
and Twitter @MMC_Global.
*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/20160524006092/en/
Guy CarpenterMissy DeAngelis,
1.917.937.3118missy.deangelis@guycarp.comorGuy CarpenterJennifer
Ainslie, 44.207.357.2058jennifer.ainslie@guycarp.com
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